§ 225.8. Bond official duties and responsibilities.
145 words·~1 min read·
/us/cfr/t31/s§ 225.8·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The bond official's duties and responsibilities are as follows:
(a)Approving the bond secured by Government obligations after determining its sufficiency;
(b)Verifying ownership of any registered definitive Government obligations given, and ensuring that those Government obligations are properly assigned;
(c)Approving establishment of a book-entry account for the benefit of the bond official;
(d)Providing the custodian, when appropriate, with clear and concise instructions;
(e)Taking all reasonable and appropriate steps to ensure that all procedures or transactions conform with the provisions of this part; and
(f)Notifying the Secretary of the Treasury, or his designee, upon an obligor's default, and, unless otherwise provided by law, applying any part of the proceeds in excess of the amount required to assure payment of any costs incurred by the United States related to the default to satisfy any claim of the United States against the obligor.