C.F.R. » Title 31 » CHAPTER II—FISCAL SERVICE, DEPARTMENT OF THE TREASURY › SUBCHAPTER A—BUREAU OF THE FISCAL SERVICE › PART 223—SURETY COMPANIES DOING BUSINESS WITH THE UNITED STATES

31 C.F.R. § 223.5

Business

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A company holding a certificate of authority, or its agent, may only execute (sign or otherwise validate) a surety bond in favor of the United States in a state where it is licensed to do surety business. It need not be licensed in the state or other area in which the principal resides or where the contract is to be performed. The term other area includes the District of Columbia, American Samoa, Guam, the Northern Mariana Islands, Puerto Rico, and the U.S. Virgin Islands.

[89 FR 48832, June 10, 2024]
Notes of Decisions
Cited in 5 cases (1 in the last 5 years), 1975–2022 · leading case: Alvarez v. Ins. Co. of North Am., 667 F. Supp. 689 (N.D. Cal. 1987).
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Alvarez v. Ins. Co. of North Am., 667 F. Supp. 689 (N.D. Cal. 1987). · cites it 3× “202 ; and that sureties be licensed in the state where the bond is executed, although they need not be licensed in the state where the principal resides, 31 C.F.R. § 223.5 . Those regulations do not demonstrate an intention to occupy the field completely.”
Am. Fid. Fire Ins. v. Construcciones Werl, Inc., 407 F. Supp. 164 (D.V.I. 1975). “Since the bonds were executed in Puerto Rico, inasmuch as 31 C.F.R. § 223.5 (b) (issued pursuant to 6 U.”
US for Benefit of Ehmcke Sheet Metal v. Wausau, 755 F. Supp. 906 (E.D. Cal. 1991). “31 C.F.R. § 223.5 , 223.18; see Alvarez v.”
United States v. Wausau Ins. Companies, 755 F. Supp. 906 (E.D. Cal. 1991). “31 C.F.R. § 223.5 , 223.18; see Alvarez v.”
Colorado Div. of Ins. v. Statewide Bonding, Inc., No. 21CA0466 (Colo. Ct. App. June 23, 2022). “1987) (In interpreting 31 C.F.R. 223.5 (1987) and related 21 regulations, the court concluded that they “do not demonstrate an intention to occupy the field completely.”
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