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(b) Bonds approved by the district director.--Bonds approved by the district director shall be under seal in accordance with the law of the State in which executed. However, when the charter or governing statute of a corporation requires its acts to be evidenced by its corporate seal, such seal is required,
113.25 Termination date for term bonds.
The termination date of every term bond shall be the last day of the period and not the first day of a succeeding period; for example, January 1, 19.., to and including December 31 of that same year, and not January 1, 19-•, to Janu. ary 1 of the next year.
113.26 Bond transcript for certain term bonds.
(a) Submission. There shall be furnished to the district director with each bond on Customs Forms 7553, 7563-A, 7569, 7595, and 7599 a completed Bond Transcript on Customs Form 53, in triplicate. The bond and bond transcript shall be furnished at least 60 days before the date on which the bond shows it is to become effective, except that a bond on Customs Form 7553 and the related bond transcript may be accepted on, or at any time before, the effective date of the bond. It shall be the responsibility of the importer or his agent to execute the bond transcript.
(b) Request for termination. Each request to terminate a bond of a type narned in paragraph (a) of this section prior to the expiration date of the bond shall be filed with the district director of Customs in whose office the bond was approved. The request must be accompanied by a completed Customs Form 53, in triplicate, appropriately marked to terminate an existing bond.
(c) Submission of new bond to replace existing bond. When a new bond is submitted to replace an existing bond, two bond transcripts must be furnished. One must be submitted to initiate the new bond, as required by paragraph (a) of this section; the other must be submitted to terminate the existing bond, as required by paragraph (b) of this section.
(d) Date of termination.--(1) When filed at least 60 days in advance of requested termination date. The termination shall take effect on the date requested. If the request and bond transcript are filed at least 60 days in advance of the requested date.
(2) When filed less than 60 days in advance of termination date. If the request and bond transcript are not filed at least 60 days in advance of the requested date, the termination shall take effect on the 60th day after receipt by the district director.
(3) When termination requested by surety without consent of the principal, When termination of a bond is requested by the surety without the consent of the principal, it shall take effect on the 60th day after approval by the district director.
(4) When new bond cannot be initiated. When a new bond cannot be initiated because the Customs Form 53, as required by paragraph (a) of this section, is incorrect, any accompanying Customs Form 53 for termination of an existing bond shall not take effeci until such time as both transcripts can take effect. 113.27 Copies of blanket smelting and refining bonds.
Blanket smelting and refining bonds, described in section 113,13(b), requiring the approval of the Commissioner of Customs, shall be accompanied by a suffi. cient number of copies for transmittal by the Commissioner to each port at which the principal seeks to conduct business,
Subpart D-.PRINCIPALS AND SURETIES
The general information pertaining to the principal and sureties which must
(a) Same party as principal and surety.-- The same person, partnership, or corporation cannot be both principal and surety on a bond.
(b) Attorney in'fact for principal or surety.--In executing a bond, a person may act as:
(1) Attorney in fact for both principal and surety;
(2) Surety and attorney in fact for the principal; or
(3) Principal and attorney in fact for the surety. 113.33 Partnerships as principals.
(a) Name of partners on the bond.--Unless written notice of the full names of all partners in the firm has been previously filed with the district director, the names of all persons composing the partnership shall appear in the body of the bonds; for example, "Aaron A. Abel, Bertrand B. Bell and Charles C. Cole, composing the firm of Abel, Bell and Co.
(b) Execution.--Partnership bonds shall be executed in the firm name, with the name of the member or attorney of the firm executing it appearing immediately below the firm signature.
(c) Action of one principal binding on all principals of the partnership.--Pursuant to section 495 of the Tariff Act of 1930 (19 U.S.C. 1495), when a Customs bond is executed by any member of the partnership, the bond shall be binding on the other partners in like manner and to the same extent as if such othe partners had personally joined in the execution. 113.34 Corporations as principals.
(a) Name of corporation on the bonds.-- The name of a corporation executing a Customs bond as a principal, may be printed or placed thereon by means of a rubber stamp or otherwise, followed by the written signature of the authorized officer or attorney.
(b) Signature and seal of the corporation on the bond.-- The bond of a corporate principal shall be signed by an authorized officer or attorney of the corporation and the corporate seal shall be affixed immediately adjoining the signature of the person executing the bond, as provided for in section 113.24.
(c) Bond executed by an authorized officer of corporation.--When the bond is executed by an authorized officer of a corporation and no power of attorney has been filed with the district director, the following evidence of his authority to act shall be furnished:
(1) Execution of Certificate as to Corporate Principal.-- The official character, authority, and signature of the person or persons executing the bond for the corporate principal may be certified by the secretary, assistant secretary, or other officer of the corporation. Such certification shall be made by executing, under corporate seal, the provision appearing in the bond entitled "Certificate as to Corporate Principal."
(2) Evidence in lieu of the certificate.--In lieu of the above certificate, there may be attached to the bond so much of the records of the corporation as will show the official character, authority, and signature of the officer signing. The following documents should be attached:
(i) A certificate from the proper public officer showing the legal existence of the corporation. The district director, on bonds which he approves (section 113,14), may waive the production of evidence of incorporation when such fact is a matter of common knowledge and he certifies this fact.
(ii) A copy of the bylaws, or so much thereof as authorizes the execution of such bonds, certified by the secretary of the corporation and authenticated by its corporate seal.
(iii) A copy of the document authorizing such officer to sign such bond, certified by the secretary of the corporation under the corporate seal, or a power of attorney executed in accordance with subpart C of Part 141 of this chapter containing such authority.
(iv) A document verifying the signature of the officer properly attested under the corporate seal.
(d) Bond executed by an attorney in fact,-- When an attorney in fact executes a bond on behalf of a corporate principal and a power of attorney has not been filed with the district director (unless exempted from filing by section 141.46 of this chapter), there shall be attached a power of attorney executed under the corporate seal by an officer of the corporation whose authority to execute such power shall be shown as prescribed in paragraph (c) of this section. 113.35 Individual sureties.
(a) Number required.-- If individuals sign as sureties, there shall be two sureties on the bond. In the case of bonds approved by the district director, however, one surety may be accepted if the district director is satisfied that such surety is sufficient for the protection of the Government.
(b) Qualifications to act as surety.--(1) Residency and citizenship.-- Every surety on a Customs bond must be both a resident and citizen of the United States.
(2) Married women.--A married woman may be accepted as a surety, unless the State in which the bond is executed prohibits her from acting that capacity.
(3) Granting of power of attorney.-- Any individual other than a married woman in a State where she is prohibited from acting as a surety may grant a power of attorney to sign as surety on Customs bonds. If the power of attorney is limited to bonds of one or several importers, the importers shall be named in the power.
(4) Property requirements.--Each individual surety must have unencumbered property liable to execution within the limits of the Customs district in which the contract of suretyship is to be performed. The current market value of such property must be equal to the penalty of any bond executed by him. If a single surety is accepted, he shall qualify in an amount equal to twice the penalty of the bond.
(c) Oath and evidence of solvency:--Before being accepted as a surety, the individual shall:
(1) Take an oath on Customs Form 3579, setting forth:
(i) The amount of his assets over and above all his debts and liabilities and such exemptions as may be allowed by law; and
(ii) The general description and the location of one or more pieces of real estate owned by him within the limits of the Customs district and the value thereof over and above all encumbrances.
(2) Produce such evidence of solvency and financial responsibility as the district director may require.
(d) Determination of financial responsibility.--An individual surety shall not be accepted on a bond until he has satisfied the district director as to his financial responsibility. The district director may refer the matter to the special agent in charge for immediate investigation to verify the financial responsibility of the surety.
(e) Continuance of financial responsibility.--In order to follow the continued solvency and financial responsibility of individual sureties, the district director shall require a new oath and determine the financial responsibility of each such surety as prescribed in paragraphs (c) and (d) of this section at least once every 6 months, and more often if he deems it advisable.
113.36 Partners acting as surety in behalf of a partner or in behalf of a
partnership. A person may act as surety for a business partner when such person is acting with respect to his separate property and in his individual capacity and as such must qualify as an individual surety, in accordance with section 113.35. A member of a partnership shall not be accepted as surety on a bond executed by the firm as principal.
113.37 Corporate sureties.
(a) Lists of corporations and limits of their bonds.--A list of corporations authorized to act as sureties on bonds, with the amount in which each may be accepted, shall be furnished annually to all district directors by the Secretary of the Treasury. No corporation shall be accepted as surety on a bond unless named in the current list and no bond shall be for a greater amount than the respective limit stated in such list, unless the excess is protected as prescribed in section 223.11 of the Bureau of Accounts Regulations (31 CFR 223.11).
(b) Name of corporation on the bond.--The name of a corporation executing a Customs bond, a surety, may be printed or placed thereon by means of a rubber stamp or otherwise, followed by the written signature of the authorized officer or attorney.
(c) Name of agent or attorney on the bond.--The agent or attorney acting for a corporate surety shall have stamped, printed, or typed on each bond executed by him, below his signature, his full name as it appears on the bond.
(d) Signature and seal of the corporation on the bond.-- A bond executed by a corporate surety shall be signed by an authorized officer or attorney of the corporation and the corporate seal shall be affixed immediately adjoining the signature of the person executing the bond, as provided for in section 113.24,
(e) Two or more corporations as sureties on the same obligation.-- Two or more corporations may be accepted as sureties on any obligation the amount of which does not exceed the limitations of their aggregate qualifying power as fixed and determined by the Secretary of the Treasury. The amount for which each corporation may act as surety in all cases must be within th limitation prescribed by the Secretary, unless such excess is protected as prescribed in section 223.11 of the Bureau of Accounts Regulations (31 CFR 223.11). Each corporation shall limit its liability to a definite specified amount, in terms, upon the face of the bond by attaching the following:
KNOW ALL MEN BY THESE PRESENTS:
as principal, and
a corporation existing under the laws of the State of and a corporation existing under the laws of the State of
as sureties, are held and firmly bound unto the United States of America, in the sum of thousand dollars ($. he jointly and severally with each surety as hereinafter specified, and the said
jointly and severally with said principal in the sum of thousand dollars ($. -) of said penal sum and no more; and the said
jointly and severally with said principal in the sum of thousand dollars ($. _) of said penal sum and no more; for the payment of which respective sums we bind ourselves, our heirs, executors, and administrators, successors and assigns, in the manner and in the respective sums hereinbefore set forth, firmly by these presents. The obligors herein expressly agree that for the purpose of allowing a joint action against any or all of them, and for that purpose only, this bond shall be treated as the joint and several as well as the several obligation of each of the obligors. Sealed with our seals, and dated this
in the year one thousand nine hundred and
() Power of attorney for the agent or attorney of the surety.--Corporations may execute powers of attorney to act in their behalf in the following manner:
(1) Execution and contents.-- The corporate surety power of attorney shall be executed on Customs Form 5297, and shall contain the following information:
(i) Corporate surety name and number,
(ii) Name and address of agent or attorney, and his social security number,
(iii) Districts in which the agent or attorney is authorized to act,
(vi) Attestation of any two principal officers.
(2) Extent of authorization.-- Authorization must be by Customs districts and may not be limited to a single port. A separate Customs Form 5297 shall be submitted for each district, except when the authorization for the agent or attorney to act is for all districts. If the power of attorney covers all districts, the word "All" shall be entered in the appropriate space on the power of attorney.
(3) Filing.--Corporate surety powers of attorney executed on Customs Form 5297 shall be filed in duplicate (original and copy) at any Customs port of entry. The separate powers of attorney providing authority for an agent or attorney in any number of districts may be filed at one time at the same port. The original of the power of attorney shall be sent by the port to the Customs Data Center. The Customs Data Center shall periodically issue computer printouts reflecting all corporate powers of attorney, which shall be sent to all applicable ports of entry. The copy of the power of attorney shall be retained at the port where the power was filed for use in connection with bonds executed at the port for the surety company by the person covered by the power of attorney, until the first computer printout reflecting the power of attorney has been received.
(4) Use at port where power not filed before receipt of computer printout.-- If the grantee desires to use his power of attorney at a port covered by the power, but other than the one where his power was filed, before the first computer printout reflecting this power of attorney is received, he shall file Customs Form 5297 in triplicate (original and two copies), rather than duplicate. The second copy shall be validated by Customs and returned to the grantee. The grantee, at the time of filing a bond at a port other than the port where the power of attorney was filed, shall exhibit this validated copy of the power of attorney as proof of his grant of authority. The validity of this copy of the power shall expire when the first computer printout reflecting this power of attorney is received.
(5) Term and revocation.-- Corporate surety powers of attorney shall continue in force and effect until revoked. Any surety desiring that a designated agent or attorney be divested of his power of attorney must execute a revocation on Customs Form 5297.
(6) Change on the power of attorney.-- No change, including a change due to typographical error, or change of address, shall be made on the Customs
Form 5297 after it has been approved by Customs. To correct the power of attorney two separate Customs Forms 5297 shall be submitted, one revoking the previous power of attorney, and one containing a new grant of authority.
113.38 Delinquent sureties.
(a) Acceptance as surety when in default as principal on another Customs bond.-- No person shall be accepted as surety on any Customs bond while he is in default as principal on any other Customs bond.
(b) Acceptance surety when in default as surety on another Customs bond.--A surety on Customs bond which is in default may be accepted as surety on other Customs bonds only to the extent that his assets are unencumbered by such default.
113.39 Acceptance of cash deposits or obligations of the United States in lieu
of sureties on bonds.
(a) General provision.-- In lieu of sureties on any bond required or authorized by any law, regulation, or instruction which the Secretary of the Treasury or the Commissioner of Customs is authorized to enforce, the district director is authorized to accept United States money, United States bonds (except for savings bonds), United States certificates of indebtedness, Treasury notes, or Treasury bills in an amount equal to the amount of the bond.
(b) Authority to sell United States obligations on default.-- At the time of deposit of any obligation of the United States, other than United States money, with the district director, the obligor shall deliver a duly executed power of attorney and agreement in a form similar to that prescribed in Treasury Department Circular 154, dated October 31, 1969, as amended, authorizing the district director, in case of any default in the performance of any of the conditions or stipulations of the bond, to sell such obligation so deposited and to apply the proceeds of such sale, in whole or in part, to the satisfaction of any damages, demands, or deficiency arising by reason of such default. The format of the power of attorney and agreement, when the obligor is a corporation, is set forth below, and shall be modified as appropriate when the obligor is either an individual or a partnership:
POWER OF ATTORNEY AND AGREEMENT
Know all men by these presents, that
a corporation duly incorporated under the laws of the State of and having its principal office in the city of
in pursuance of a resolution of the board of directors of said corporation, passed on the
19_, a duly certified copy of which resolution is hereto attached, does hereby constitute and appoint (Name and official title of bond-approving officer), and his successors in office, as attorney for said corporation, for and in the name of said corporation to collect or to sell, assign, and transfer certain securities described as follows:
such securities having been deposited by it, pursuant to authority conferred by 6 U.S.C. 15, and subject to the provisions thereof and of Treasury Circular No. 154, dated October 31, 1969, as amended, as security for the faithful performance of any and all of the conditions or stipulations of a certain obligation entered into by it with the United States, under date of,
which is hereby made a part hereof, and the undersigned agrees that, in case of any default in the performance of any of the conditions and stipulations of such undertaking, its said attorney shall have full power to collect said securities or any part thereof, or to sell, assign, and transfer said securities or any part thereof without notice, at public or private sale, free from any equity of redemption and without appraisement or valuation, notice and right to redeem being waived, and to apply the proceeds of such sale or collection in whole or in part, to the satisfaction of any damages, demands, or deficiency arising by reason of such default, as its said attorney may deem best; and the undersigned further agrees that the authority herein granted is irrevocable,
And said corporation hereby for itself, its successors and assigns, ratifies and confirms whatever its said attorney shall do by virtue of these presents. In witness whereof,
the corporation hereinabove named, by (Name and title of officer), duly authorized to act in the premises, has executed this instrument and caused the seal of the corporation to be hereto affixed this
By Before me, the undersigned, a notary public within and for the county of
in the State of the District of Columbia), personally appeared (Name and title of officer) and for and in behalf of said corporation, acknowledged the execution of the foregoing power of attorney.