§ 40.409. Termination of liability of surety under bond.

99 words·~1 min read·/us/cfr/t27/s§ 40.409·

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The liability of a surety on any bond required by this subpart shall be terminated only as to operations on and after the effective date of a superseding bond, or the date of approval of the discontinuance of operations by the manufacturer of cigarette papers and tubes, or otherwise in accordance with the termination provisions of the bond. The surety shall remain bound in respect of any liability for unpaid taxes, penalties and interest, not in excess of the amount of the bond, incurred by the manufacturer while the bond is in force. (72 Stat. 1421; 26 U.S.C. 5711)

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U.S. Code

Bond
§ 5711

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72 Stat. 1421

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§ 40.409

Termination of liability of surety under bond.

U.S.C.§ 5711

Stat.72 Stat. 1421

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