§ 40.406. Superseding bond.

88 words·~1 min read·/us/cfr/t27/s§ 40.406·

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A manufacturer of cigarette papers and tubes shall file a new bond to supersede the current bond immediately when:

(a)The corporate surety on the current bond becomes insolvent,

(b)The appropriate TTB officer approves a request from the surety of the current bond to terminate liability under the bond,

(c)Payment of any liability under a bond is made by the surety thereon, or

(d)The appropriate TTB officer considers such a superseding bond necessary for the protection of the revenue. (72 Stat. 1421; 26 U.S.C. 5711)

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§ 40.406

Superseding bond.

Stat.72 Stat. 1421

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