§ 44.246. Superseding bond.
80 words·~1 min read·
/us/cfr/t27/s§ 44.246·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The customs warehouse proprietor shall file a new bond to supersede his 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 on the current bond to terminate his 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.