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Code · CFR · Title 27 — Alcohol, Tobacco Products and Firearms · Part 41 · § 41.123

§ 41.123. Superseding bond.

141 words·~1 min read·/us/cfr/t27/s§ 41.123·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A bonded manufacturer shall immediately file a new bond to supersede his current bond when
(a)the corporate surety on the current bond becomes insolvent,
(b)the appropriate TTB officer approves a request from the surety on the current bond to terminate his liability under the bond,
(c)the payment of any liability under a bond is made by the surety thereon,
(d)the amount of the bond is no longer sufficient under the provisions of § 41.121 and a strengthening bond has not been filed, or
(e)the appropriate TTB officer considers a superseding bond necessary for the protection of the revenue. \[26 FR 8195, Aug. 31, 1961. Redesignated at 40 FR 16835, Apr. 15, 1975, and amended by T.D. ATF-251, 52 FR 19341, May 22, 1987. Redesignated and amended by T.D. TTB-16, 69 FR 52424, 52425, Aug. 26, 2004\]
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