§ 28.67 - Superseding bonds and new bonds for previously exempt persons.

§ 28.67 New or superseding bonds.

New bonds shall

Superseding bonds and new bonds for previously exempt persons.

(a) Superseding bonds. Superseding bonds will be required in case of insolvency or removal of any surety, and may, at the discretion of the appropriate TTB officer, be required in any other contingency affecting the validity or impairing the efficiency of such bond. Executors, administrators, assignees, receivers, trustees, or other persons acting in a fiduciary capacity, continuing or liquidating the business of the principal,

shall

must execute and file a

new

superseding bond or obtain the consent of the surety or sureties on the existing bond or bonds. Where, under the provisions of § 28.72, the surety on any bond given under this subpart has filed an application to be relieved of liability under said bond and the principal desires or intends to continue the business or operations to which such bond relates, he

shall

must file a valid superseding bond to be effective on or before the date specified in the surety's notice. If the principal does not file a

new or

superseding bond when required, he

shall

must discontinue the operations intended to be covered by such bond forthwith.

New or superseding

Superseding bonds

shall

must show the

current

date of execution and the effective date.

(b) New bonds for previously exempt persons. If a person has not furnished a bond as provided in this subpart because the person was exempt from bond requirements under § 28.51(b), the person must furnish the required bond for any exportation that occurs during any period to which any of the exemption criteria in § 28.51(b) do not apply to the person.

(72 Stat. 1336, 1362; 26 U.S.C. 5062, 5214)

[25 FR 5734, June 23, 1960. Redesignated at 40 FR 16835, Apr. 15, 1975, and amended by T.D. ATF-62TTB–146, 44 82 FR 71722, Dec. 11, 1979; T.D. TTB-8, 69 FR 3832, Jan. 27, 20041136, Jan. 4, 2017]