19 C.F.R. § 113.35 Individual sureties.
Title 19 - Customs Duties
(a) Number required. If individuals sign as sureties, there shall be two sureties on the bond, unless the port director is satisfied that one surety is sufficient to protect the revenue and insure compliance with the law and regulations. (b) Qualifications to act as surety—(1) Residency and citizenship. Each individual surety on a Customs bond must be both a resident and citizen of the United States. (2) Married women. A married woman may be accepted as a surety, unless the state in which the bond is executed prohibits her from acting in that capacity. (3) Granting of power of attorney. Any individual other than a married woman in a state where she is prohibited from acting as a surety may grant a power of attorney to sign as surety on Customs bonds. Unless the power is unlimited, all persons to which the power relates shall be named. (4) Property requirements. Each individual surety must have property available as security within the limits of the port where the contract of suretyship is to be approved. The current market value of the property less any encumbrance must be equal to or greater than the amount of the bond. If one individual surety is accepted, the individual surety must have property the value of which, less any encumbrance, is equal to or greater than twice the amount of the bond. (c) Oath and evidence of solvency. Before being accepted as a surety, the individual shall: (1) Take an oath on Customs Form 3579, setting forth: (i) The amount of assets over and above all debts and liabilities and such exemptions as may be allowed by law; and (ii) The general description and the location of one or more pieces of real estate owned within the limits of the port and the value thereof over and above all encumbrances. (2) Produce such evidence of solvency and financial responsibility as the port director may require. (d) Determination of financial responsibility. An individual surety shall not be accepted on a bond until the port director is satisfied as to the financial responsibility of the individual. The port director may refer the matter to the special agent-in-charge for immediate investigation to verify the financial responsibility of the surety. (e) Continuancy of financial responsibility. In order to follow the continued solvency and financial responsibility of individual sureties, the port director shall require a new oath and determine the financial responsibility of each individual surety as prescribed in paragraphs (c) and (d) of this section at least once every 6 months, and more often if deemed advisable.
Title 19: Customs Duties
PART 113—CUSTOMS BONDS
Subpart D—Principals and Sureties
§ 113.35 Individual sureties.
