[Code of Federal Regulations]
[Title 19, Volume 1]
[Revised as of April 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 19CFR113.32]

[Page 488]
 
                        TITLE 19--CUSTOMS DUTIES
 
  CHAPTER I--UNITED STATES CUSTOMS SERVICE, DEPARTMENT OF THE TREASURY
 
PART 113--CUSTOMS BONDS--Table of Contents
 
                   Subpart D--Principals and Sureties
 
Sec. 113.32  Partnerships as principals.

    (a) Names of partners on the bond--(1) In general. Unless written 
notice of the full names of all partners in the partnership has been 
previously filed with the port director or drawback office in the case 
of a bond relating to repayment of erroneous drawback payment, the names 
of all persons composing the partnership shall appear in the body of the 
bonds.
    (2) Limited partnerships. Bonds submitted by limited partnerships 
need only have the firm name and the names of the general partners 
authorized to bind the firm on them. The bond must be accompanied by a 
copy of the partnership agreement. For this purpose, a partnership or a 
limited partnership means any business association recognized as such 
under the laws of the state where the association is organized.
    (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, Tariff Act of 1930, as amended (19 
U.S.C. 1495), when a 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 other partners had personally joined in the 
execution. However, in the case of a limited partnership, the limited 
partners will not be bound by the actions of any other partner in the 
firm, except as provided for in the partnership agreement.

[T.D. 84-213, 49 FR 41171, Oct. 19, 1984, as amended by T.D. 86-204, 51 
FR 42998, Nov. 28, 1986]