§ 24.157. Application by surety for relief from bond.
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/us/cfr/t27/s§ 24.157·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A surety on any bond required by this part may at any time, in writing, notify the principal and the appropriate TTB officer in whose office the bond is on file, that it desires after a specified date, to be relieved of liability under the bond. The date may not be less than 10 days after the date notice is received by the appropriate TTB officer in the case of a tax deferral bond, and not less than 90 days after the date the notice is received in the case of a bonded wine premises bond or wine vinegar plant bond.
The surety will also file with the appropriate TTB officer an acknowledgment, or other evidence of service, of a notice on the principal. The 10 day or 90 day period does not commence until both the acknowledgment or other evidence of service and the notice are filed. If a notice is not thereafter withdrawn in writing, the rights of the principal as supported by the bond will be terminated on the date specified in the notice, and the surety will be relieved from liability to the extent set forth in § 24.158.
(Sec. 201, Pub. L. 85-859, 72 Stat. 1379, as amended, 1380, as amended (26 U.S.C. 5354, 5362)) (Approved by the Office of Management and Budget under control number 1512-0058) \[T.D. ATF-299, 55 FR 24989, June 19, 1990, as amended by T.D. ATF-409, 64 FR 13683, Mar. 22, 1999\]
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- Pub. L. 85-859
- 72 Stat. 1379
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§ 24.157
Application by surety for relief from bond.
Pub. L.Pub. L. 85-859
Stat.72 Stat. 1379
Cites 3Cited by 0 across 0 sources