30 C.F.R. § 256.55 Lapse of bond.
Title 30 - Mineral Resources
(a) If your surety becomes bankrupt, insolvent, or has its charter or license suspended or revoked, any bond coverage from that surety terminates immediately. In that event, you must promptly provide a new bond in the amount required under §§256.52 and 256.53 of this part to the Regional Director and advise the Regional Director of the lapse in your previous bond. (b) You must notify the Regional Director of any action filed alleging that you, your surety, or guarantor are insolvent or bankrupt. You must notify the Regional Director within 72 hours of learning of such an action. All bonds must require the surety to provide this information to you and directly to MMS. [62 FR 27957, May 22, 1997]
Title 30: Mineral Resources
PART 256—LEASING OF SULPHUR OR OIL AND GAS IN THE OUTER CONTINENTAL SHELF
Subpart I—Bonding
§ 256.55 Lapse of bond.
