19 CFR 113.31 – Same party as principal and surety; attorney in fact
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(a) Same party as principal and surety. The same person, partnership, or corporation cannot be both principal and surety on a bond.
Terms Used In 19 CFR 113.31
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(b) Attorney in fact for principal or surety. In executing a bond, a person may act as:
(1) Attorney in fact for both principal and surety;
(2) Surety and attorney in fact for the principal; or
(3) Principal and attorney in fact for the surety.