[Code of Federal Regulations]
[Title 27, Volume 1]
[Revised as of April 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 27CFR17.103]

[Page 324]
 
            TITLE 27--ALCOHOL, TOBACCO PRODUCTS AND FIREARMS
 
 CHAPTER I--ALCOHOL AND TOBACCO TAX AND TRADE BUREAU, DEPARTMENT OF THE 
                                TREASURY
 
PART 17_DRAWBACK ON TAXPAID DISTILLED SPIRITS USED IN MANUFACTURING 
 
                Subpart E_Bonds and Consents of Sureties
 
Sec.  17.103  Bonds obtained from surety companies.

    (a) The bond may be obtained from any surety company authorized by 
the Secretary of the Treasury to be a surety on Federal bonds. Surety 
companies so authorized are listed in the current revision of Department 
of the Treasury Circular 570 (Companies Holding Certificates of 
Authority as Acceptable Sureties on Federal Bonds and as Acceptable 
Reinsuring Companies), and subject to such amendatory circulars as may 
be issued from time to time. Bonds obtained from surety companies are 
also governed by the provisions of 31 U.S.C. 9304, and 31 CFR part 223.
    (b) A bond executed by two or more surety companies shall be the 
joint and several liability of the principal and the sureties; however, 
each surety company may limit its liability, in terms upon the face of 
the bond, to a definite, specified amount. This amount shall not exceed 
the limitations prescribed for each surety company by the Secretary, as 
stated in Department of the Treasury Circular 570. If the sureties limit 
their liability in this way, the total of the limited liabilities shall 
equal the required amount of the bond.
    (c) Department of the Treasury Circular No. 570 is published in the 
Federal Register annually on the first workday in July. As they occur, 
interim revisions of the circular are published in the Federal Register. 
Copies of the circular may be obtained from: Surety Bond Branch, 
Financial Management Service, Department of the Treasury, Washington, DC 
20227.

(Sec. 1, Pub. L. 97-258, 96 Stat. 1047 (31 U.S.C. 9304))