[Code of Federal Regulations]
[Title 27, Volume 1]
[Revised as of January 1, 2008]
From the U.S. Government Printing Office via GPO Access
[CITE: 27CFR24.154]

[Page 622]
 
            TITLE 27--ALCOHOL, TOBACCO PRODUCTS AND FIREARMS
 
 CHAPTER I--ALCOHOL AND TOBACCO TAX AND TRADE BUREAU, DEPARTMENT OF THE 
                                TREASURY
 
PART 24_WINE--Table of Contents
 
                 Subpart D_Establishment and Operations
 
Sec.  24.154  New or superseding bonds.

    When, in the opinion of the appropriate TTB officer, the interests 
of the Government demand it, or in any case where the validity of the 
bond becomes impaired in whole or in part for any reason, the principal 
will be required to give a new bond. A new bond will be required 
immediately in the case of the insolvency of a corporate surety. 
Executors, administrators, assignees, receivers, trustees, or other 
persons acting in a fiduciary capacity, to continue or to liquidate the 
business of the principal, will execute and file a new bond or obtain 
the consent of the surety or sureties on the existing bond or bonds. 
When under the provisions of Sec.  24.157 the surety has filed an 
application to be relieved of liability under any bond given under this 
part and the principal desires or intends to continue business or 
operations to which the bond relates, the principal shall file a valid 
superseding bond to be effective on or before the date specified in the 
surety's notice. New or superseding bonds will show the current date of 
execution and the effective date. (Sec. 201, Pub. L. 85-859, 72 Stat. 
1379, as amended, 1380, as amended, 1394, as amended (26 U.S.C. 5354, 
5362, 5551))

(Approved by the Office of Management and Budget under control number 
1512-0058)

[T.D. ATF-299, 55 FR 24989, June 19, 1990, as amended by T.D. ATF-409, 
64 FR 13683, Mar. 22, 1999]