[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: 19CFR113.34]



[Page 544]

 

                        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.  113.34  Co-principals.



    A bond with a co-principal may be used by a person having a distinct 

legal status (e.g., individual, partnership, corporation) to join 

another person with the same distinct legal status on the bond. A bond 

with a co-principal shall not be used to join an entity which does not 

have a distinct legal status (e.g. an unincorporated division of a 

corporation). However, an entity which does not have a distinct legal 

status may use another bond if listed on the bond by the principal at 

the time of execution or by subsequent rider (see Sec.  113.24). A bond 

with co-principal may not be used to join different legal entities (e.g. 

an individual and a corporation, a partnership and a corporation).