§40.136. Superseding bond.
27 C.F.R. § 40.136
A manufacturer of tobacco products shall immediately file a new bond to supersede his current bond when
The corporate surety on the current bond becomes insolvent,
The appropriate TTB officer approves a request from the surety on the current bond to terminate his liability under the bond,
Payment of any liability under a bond is made by the surety thereon,
The amount of the bond is no longer sufficient under the provisions of § 40.133 or § 40.134 and a strengthening bond has not been filed, or
The appropriate TTB officer considers such a superseding bond necessary for the protection of the revenue.
Notes, amendments, and revision history
Authority
Authority: 26 U.S.C. 448, 5701, 5703-5705, 5711-5713, 5721-5723, 5731-5734, 5741, 5751, 5753, 5761-5763, 6061, 6065, 6109, 6151, 6301, 6302, 6311, 6313, 6402, 6404, 6423, 6676, 6806, 7011, 7212, 7325, 7342, 7502, 7503, 7606, 7805; 31 U.S.C. 9301, 9303, 9304, 9306.
Source
Source: 26 FR 8174, Aug. 31, 1961, unless otherwise noted. Redesignated at 40 FR 16835, Apr. 15, 1975; 54 FR 48839, Nov. 27, 1989, and further redesignated by T.D. ATF-460, 66 FR 39093, July 27, 2001.