§ 585.537. How will BOEM proceed once my bond or other security is forfeited?
123 words·~1 min read·
/us/cfr/t30/s§ 585.537·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)If BOEM determines that your bond or other security is forfeited, we will collect the forfeited amount and use the funds to bring your lease or grant(s) into compliance and correct any default.
(b)If the amount collected under your bond or other security is insufficient to pay the full cost of corrective action, BOEM may take or direct action to obtain full compliance and recover all costs in excess of the forfeited bond from you or any co-lessee or co-grantee.
(c)If the amount collected under your bond or other security exceeds the full cost of corrective action to bring your lease or grant(s) into compliance, we will return the excess funds to the party from whom the excess was collected.