§9304 — Title 31 Money and Finance | U.S. Code

Summary

When a U.S. law requires or allows someone to give a surety bond, that requirement is met if the bond comes from a company formed under U.S. law or the law of a State, the District of Columbia, or a U.S. territory or possession; the company can, under its laws, guarantee the honesty of people in trusted jobs and back bonds used in court; and the company follows sections 9305 and 9306 of this title. The government official who must approve or accept the bond must approve it, but cannot force the bond to be issued through any specific guaranty company.

Title 31, §9304

Money and Finance — Source: USLM XML via OLRC

(a)When a law of the United States Government requires or permits a person to give a surety bond through a surety, the person satisfies the law if the surety bond is provided for the person by a corporation—

(1)incorporated under the laws of—

(A)the United States; or

(B)a State, the District of Columbia, or a territory or possession of the United States;

(2)that may under those laws guarantee—

(A)the fidelity of persons holding positions of trust; and

(B)bonds and undertakings in judicial proceedings; and

(3)complying with section 9305 and 9306 of this title.

(b)Each surety bond shall be approved by the official of the Government required to approve or accept the bond. The official may not require that the surety bond be given through a guaranty corporation or through any particular guaranty corporation.

Notes & Related Subsidiaries

Historical and Revision Notes

Revised SectionSource (U.S. Code)Source (Statutes at Large) 93046:6. Subsection (a) is substituted for 6:6(1st sentence) to eliminate unnecessary words and for clarity and consistency. Clause (3) is added for clarity. In subsection (b), the words “Each surety bond” are substituted for “Such recognizance, stipulation, bond, or undertaking”, the words “official of the Government” are substituted for “head of department, court, judge, officer, board, or body executive, legislative, or judicial”, and the word “official” is substituted for “officer or person having the approval of any bond”, to eliminate unnecessary words and for clarity and consistency.

§9304 Surety corporations

Summary

Title 31, §9304

Notes & Related Subsidiaries

Historical and Revision Notes

Citations & Metadata