27 CFR § 40.409 Manufacture of Tobacco Products, Cigarette Papers and Tubes, and Processed Tobacco

§ 40.409 Termination of liability of surety under bond.

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The liability of a surety on any bond required by this subpart shall be terminated only as to operations on and after the effective date of a superseding bond, or the date of approval of the discontinuance of operations by the manufacturer of cigarette papers and tubes, or otherwise in accordance with the termination provisions of the bond. The surety shall remain bound in respect of any liability for unpaid taxes, penalties and interest, not in excess of the amount of the bond, incurred by the manufacturer while the bond is in force.

← § 40.408 Approval of bond and extension of coverage of bond.§ 40.410 Release of pledged securities. →