April 2018 — Question 60
Under 19 CFR 113 Custom Bonds which statement is FALSE.
- AThe surety, as well as the principal, remain liable on a terminated bond for obligations incurred prior to termination
- BThe amount of any CBP bond must not be less than $100, except where the law or regulation expressly provides that a lessor amount may be taken
- CEach bond must bear the date it was executed
- DIf a bond is terminated, all new customs transactions may be charged against the bond✓ CBP's answer
- ENo person will be accepted as surety on any CBP bond while in default as principal on any other CBP bond
Why this answer
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CBP's cited authority
§ 19 CFR 113.27(c)
Answer and citations as published in CBP's official answer key for the April 2018 examination.
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