31 CFR 225.8 - Bond official duties and responsibilities.
The bond official's duties and responsibilities are as follows:
(d) Providing the custodian, when appropriate, with clear and concise instructions;
(e) Taking all reasonable and appropriate steps to ensure that all procedures or transactions conform with the provisions of this part; and
(f) Notifying the Secretary of the Treasury, or his designee, upon an obligor's default, and, unless otherwise provided by law, applying any part of the proceeds in excess of the amount required to assure payment of any costs incurred by the United States related to the default to satisfy any claim of the United States against the obligor.