27 CFR 70.281 - Form of bond and security required.

prev | next
§ 70.281 Form of bond and security required.
(a) In general. Any person required to furnish a bond under the provisions of this part shall execute such bond:
(1) On the appropriate form prescribed by the Bureau and
(2) With satisfactory surety.
For provisions as to what will be considered “satisfactory surety”, see paragraph (b) of this section. The bonds referred to in this paragraph shall be drawn in favor of the United States.
(b) Satisfactory surety—
(1) Approved surety company or bonds or notes of the United States. For purposes of paragraph (a) of this section, a bond shall be considered executed with satisfactory surety if:
(i) It is executed by a surety company holding a certificate of authority from the Secretary as an acceptable surety on Federal bonds; or
(ii) It is secured by bonds or notes of the United States as provided in by 31 U.S.C. 9303.
(2) Other surety. Unless otherwise expressly provided in 26 U.S.C. or this part, a bond may, in the discretion of the appropriate TTB officer, be considered executed with satisfactory surety if, in lieu of being executed or secured as provided in paragraph (b)(1) of this section, it is:
(i) Executed by a corporate surety (other than a surety company) provided such corporate surety establishes that it is within its corporate powers to act as surety for another corporation or an individual;
(ii) Executed by two or more individual sureties, provided such individual sureties meet the conditions contained in paragraph (b)(3) of this section;
(iii) Secured by a mortgage on real or personal property;
(iv) Secured by a certified, cashier's, or treasurer's check drawn on any bank or trust company incorporated under the laws of the United States or any State, Territory, or possession of the United States, or by a U.S. postal, bank, express or telegraph money order;
(v) Secured by corporate bonds or stocks, or by bonds issued by a State or political subdivision thereof, of recognized stability; or
(vi) Secured by any other acceptable collateral. Collateral shall be deposited with the appropriate TTB officer or, in that officer's discretion, with a responsible financial institution acting as escrow agent.
(3) Conditions to be met by individual sureties. If a bond is executed by two or more individual sureties, the following conditions must be met by each such individual surety:
(i) The surety must reside within the State in which the principal place of business or legal residence of the primary obligor is located;
(ii) The surety must have property subject to execution of a current market value, above all encumbrances, equal to at least the penalty of the bond;
(iii) All real property which the surety offers as security must be located in the State in which the principal place of business or legal residence of the primary obligor is located;
(iv) The surety must agree not to mortgage, or otherwise encumber, any property offered as security while the bond continues in effect without first securing the permission of the officer with whom the bond is filed; and
(v) The surety must file with the bond, and annually thereafter so long as the bond continues in effect, an affidavit as to the adequacy of the security, executed on the appropriate form furnished by the appropriate TTB officer.
Partners may not act as sureties upon bonds of their partnership. Stockholders of a corporate principal may be accepted as sureties provided their qualifications as such are independent of their holdings of the stock of the corporation.
(4) Adequacy of surety. No surety or security shall be accepted if it does not adequately protect the interest of the United States.
[T.D. ATF-301, 55 FR 47649, Nov. 14, 1990, as amended by T.D. ATF-450, 66 FR 29028, May 29, 2001]

Title 27 published on 2014-04-01

no entries appear in the Federal Register after this date.

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.


United States Code
U.S. Code: Title 5 - GOVERNMENT ORGANIZATION AND EMPLOYEES
U.S. Code: Title 26 - INTERNAL REVENUE CODE

§ 4181 - Imposition of tax

§ 4182 - Exemptions

§ 5123 - Preservation and inspection of records, and entry of premises for inspection

§ 5203 - Entry and examination of premises

§ 5207 - Records and reports

§ 5275 - Records and reports

§ 5367 - Records

§ 5415 - Records and returns

§ 5504 - Operation

§ 5555 - Records, statements, and returns

§ 5684 - Penalties relating to the payment and collection of liquor taxes

§ 5741 - Records to be maintained

§ 5761 - Civil penalties

§ 5802 - Registration of importers, manufacturers, and dealers

§ 6020 - Returns prepared for or executed by Secretary

§ 6021 - Listing by Secretary of taxable objects owned by nonresidents of internal revenue districts

§ 6064 - Signature presumed authentic

§ 6102 - Computations on returns or other documents

§ 6155 - Payment on notice and demand

§ 6159 - Agreements for payment of tax liability in installments

§ 6201 - Assessment authority

§ 6203 - Method of assessment

§ 6204 - Supplemental assessments

§ 6301 - Collection authority

§ 6303 - Notice and demand for tax

§ 6311 - Payment of tax by commercially acceptable means

§ 6313 - Fractional parts of a cent

§ 6314 - Receipt for taxes

§ 6321 - Lien for taxes

§ 6323 - Validity and priority against certain persons

§ 6325 - Release of lien or discharge of property

§ 6326 - Administrative appeal of liens

§ 6331 - Levy and distraint

§ 6332 - Surrender of property subject to levy

§ 6333 - Production of books

§ 6334 - Property exempt from levy

§ 6335 - Sale of seized property

§ 6336 - Sale of perishable goods

§ 6337 - Redemption of property

§ 6338 - Certificate of sale; deed of real property

§ 6339 - Legal effect of certificate of sale of personal property and deed of real property

§ 6340 - Records of sale

§ 6341 - Expense of levy and sale

§ 6342 - Application of proceeds of levy

§ 6343 - Authority to release levy and return property

§ 6401 - Amounts treated as overpayments

§ 6402 - Authority to make credits or refunds

§ 6403 - Overpayment of installment

§ 6404 - Abatements

§ 6407 - Date of allowance of refund or credit

§ 6416 - Certain taxes on sales and services

§ 6423 - Conditions to allowance in the case of alcohol and tobacco taxes

§ 6501 - Limitations on assessment and collection

§ 6502 - Collection after assessment

§ 6503 - Suspension of running of period of limitation

§ 6511 - Limitations on credit or refund

§ 6513 - Time return deemed filed and tax considered paid

§ 6514 - Credits or refunds after period of limitation

§ 6532 - Periods of limitation on suits

§ 6601 - Interest on underpayment, nonpayment, or extensions of time for payment, of tax

§ 6602 - Interest on erroneous refund recoverable by suit

§ 6611 - Interest on overpayments

§ 6621 - Determination of rate of interest

§ 6622 - Interest compounded daily

§ 6651 - Failure to file tax return or to pay tax

§ 6653 - Failure to pay stamp tax

§ 6656 - Failure to make deposit of taxes

§ 6657 - Bad checks

§ 6658 - Coordination with title 11

§ 6665 - Applicable rules

§ 6671 - Rules for application of assessable penalties

§ 6672 - Failure to collect and pay over tax, or attempt to evade or defeat tax

§ 6701 - Penalties for aiding and abetting understatement of tax liability

§ 6723 - Failure to comply with other information reporting requirements

§ 6801 - Authority for establishment, alteration, and distribution

§ 6862 - Jeopardy assessment of taxes other than income, estate, gift, and certain excise taxes

§ 6863 - Stay of collection of jeopardy assessments

§ 6901 - Transferred assets

§ 7011 - Registration—persons paying a special tax

§ 7101 - Form of bonds

§ 7102 - Single bond in lieu of multiple bonds

§ 7121 - Closing agreements

§ 7122 - Compromises

§ 7207 - Fraudulent returns, statements, or other documents

§ 7209 - Unauthorized use or sale of stamps

§ 7214 - Offenses by officers and employees of the United States

§ 7304 - Penalty for fraudulently claiming drawback

§ 7401 - Authorization

§ 7403 - Action to enforce lien or to subject property to payment of tax

§ 7406 - Disposition of judgments and moneys recovered

§ 7423 - Repayments to officers or employees

§ 7424 - Intervention

§ 7425 - Discharge of liens

§ 7426 - Civil actions by persons other than taxpayers

§ 7429 - Review of jeopardy levy or assessment procedures

§ 7430 - Awarding of costs and certain fees

§ 7432 - Civil damages for failure to release lien

§ 7502 - Timely mailing treated as timely filing and paying

§ 7503 - Time for performance of acts where last day falls on Saturday, Sunday, or legal holiday

§ 7505 - Sale of personal property acquired by the United States

§ 7506 - Administration of real estate acquired by the United States

§ 7513 - Reproduction of returns and other documents

§ 7601 - Canvass of districts for taxable persons and objects

§ 7602 - Examination of books and witnesses

§ 7603 - Service of summons

§ 7604 - Enforcement of summons

§ 7605 - Time and place of examination

§ 7606 - Entry of premises for examination of taxable objects

§ 7608 - Authority of internal revenue enforcement officers

§ 7609 - Special procedures for third-party summonses

§ 7610 - Fees and costs for witnesses

§ 7622 - Authority to administer oaths and certify

§ 7623 - Expenses of detection of underpayments and fraud, etc.

§ 7653 - Shipments from the United States

§ 7805 - Rules and regulations