[Code of Federal Regulations]
[Title 19, Volume 1]
[Revised as of April 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 19CFR113.35]

[Page 499-500]
 
                        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. 113.35  Individual sureties.

    (a) Number required. If individuals sign as sureties, there shall be 
two sureties on the bond, unless the port director is satisfied that one 
surety is sufficient to protect the revenue and insure compliance with 
the law and regulations.
    (b) Qualifications to act as surety. (1) Residency and citizenship. 
Each individual 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 
in 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. Unless 
the power is unlimited, all persons to which the power relates shall be 
named.
    (4) Property requirements. Each individual surety must have property 
available as security within the limits of the port where the contract 
of suretyship is to be approved. The current market value of the 
property less any encumbrance must be equal to or greater than the 
amount of the bond. If one individual surety is accepted, the individual 
surety must have property the value of which, less any encumbrance, is 
equal to or greater than twice the amount of the bond.
    (c) Oath and evidence of solvency. Before being accepted as a 
surety, the individual shall:

[[Page 500]]

    (1) Take an oath on Customs Form 3579, setting forth:
    (i) The amount of assets over and above all 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 within the limits of the port and the value thereof 
over and above all encumbrances.
    (2) Produce such evidence of solvency and financial responsibility 
as the port director may require.
    (d) Determination of financial responsibility. An individual surety 
shall not be accepted on a bond until the port director is satisfied as 
to the financial responsibility of the individual. The port director may 
refer the matter to the special agent-in-charge for immediate 
investigation to verify the financial responsibility of the surety.
    (e) Continuancy of financial responsibility. In order to follow the 
continued solvency and financial responsibility of individual sureties, 
the port director shall require a new oath and determine the financial 
responsibility of each individual surety as prescribed in paragraphs (c) 
and (d) of this section at least once every 6 months, and more often if 
deemed advisable.