31 USC 9309 - Sec. 9309. Priority of sureties
31 USC - US Code - Title 31: Money and Finance (January 2003)
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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 the same 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.
Historical And Revision Notes Revised Source (U.S. Code) Source (Statutes at Large) Section 9309 31:193. R.S. Sec. 3468. In the section, before clause (1), the words "person required to provide a surety bond" are substituted for "principal in any bond" for clarity and consistency.The words "dies having assets insufficient to pay debts" are substituted for "whenever, such principal being deceased, his estate and effects which come to the hands of his executor, administrator, or assignee, are insufficient for the payment of his debts" to eliminate unnecessary words.The words "and, in either of such cases", "on the bond", and "such surety, his executor, administrator, or assignee" are omitted as unnecessary.Clause (1) is substituted for "shall have the like priority for the recovery and receipt of the moneys out of the estate and effects of such insolvent or deceased principal as is secured to the United States" to eliminate unnecessary words and for clarity.In clause (2), the words "and maintain" are omitted as surplus.The words "civil action" are substituted for "suit" for consistency.The words "in law or equity" are omitted as surplus. Section Referred To In Other Sections This section is referred to in title 22 section 1631g; title 50 App. section 34.
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