[Code of Federal Regulations]

[Title 19, Volume 1]

[Revised as of April 1, 2005]

From the U.S. Government Printing Office via GPO Access

[CITE: 19CFR113.27]



[Page 542-543]

 

                        TITLE 19--CUSTOMS DUTIES

 

   CHAPTER I--BUREAU OF CUSTOMS AND BORDER PROTECTION, DEPARTMENT OF 

              HOMELAND SECURITY; DEPARTMENT OF THE TREASURY

 

PART 113_CUSTOMS BONDS--Table of Contents

 

                       Subpart C_Bond Requirements

 

Sec.  113.27  Effective dates of termination of bond.



    (a) Termination by principal. A request by a principal to terminate 

a bond shall be made in writing to the port director or drawback office 

in the case of a bond relating to repayment of erroneous drawback 

payment where the bond was approved. The termination shall take effect 

on the date requested if the date is at least 10 business days after the 

date of receipt of the request. Otherwise the termination shall be 

effective on the close of business 10 business days after the request is 

received at the port or drawback office. If no termination date is 

requested, the termination shall take effect on the tenth



[[Page 543]]



business day following the date of receipt of the request by the port 

director, or drawback office in the case of bonds relating to repayment 

of erroneous drawback payment.

    (b) Termination by surety. A surety may, with or without the consent 

of the principal, terminate a Customs bond on which it is obligated. The 

surety shall provide reasonable written notice to both the director of 

the port where the bond was approved or appropriate drawback office in 

the case of bonds relating to repayment of an erroneous drawback payment 

and the principal of the intent to terminate. The written notice shall 

state the date on which the termination shall be effective and shall be 

sent to both Customs and the principal by certified mail, with a return 

receipt requested. Thirty days shall constitute reasonable notice unless 

the surety can show to the satisfaction of the port director, or 

drawback office in the case of bonds relating to repayment of an 

erroneous drawback payment, that a lesser time is reasonable under the 

facts and circumstances.

    (c) Effect of termination. If a bond is terminated no new Customs 

transactions shall be charged against the bond. A new bond in an 

appropriate amount on Customs Form 301, containing the appropriate bond 

conditions set forth in subpart G of this part, shall be filed before 

further Customs activity may be transacted.



[T.D. 84-213, 49 FR 41171, Oct. 19, 1984; 49 FR 44867, Nov. 9, 1984]