31 U.S.C. § 9309 — Priority of sureties
submitted 44 years ago by Pub. L. 97-258 to r/title-31-MONEY-AND-FINANCE · 84 words · no verdicts yet
This section addresses Priority of sureties. It sets out the duties, permissions, requirements, or definitions stated in the section.
When a person required to provide a surety bond given to the United States Government is insolvent or dies having assets insufficient to pay debts, the surety, or the executor, administrator, or assignee of the surety paying the Government the amount due under the bond—
(1) has that priority to amounts from the assets and estate of the person as are secured for the Government; and
(2) personally may bring a civil action under the bond to recover amounts paid under the bond.
When a person required to provide a surety bond given to the United States Government is insolvent or dies having assets insufficient to pay debts, the surety, or the executor, administrator, or assignee of the surety paying the Government the amount due under the bond—
has the same priority to amounts from the assets and estate of the person as are secured for the Government; and
personally may bring a civil action under the bond to recover amounts paid under the bond.
Source credit: (Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 1049.)
- 1982Enacted · Pub. L. 97-258 · 96 Stat. 1049
A history note hasn’t been published yet. The record shows enactment by Pub. L. 97-258 on 1982-09-13.
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