[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: 19CFR113.32]



[Page 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 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]