Page:United States Statutes at Large Volume 96 Part 1.djvu/1089

 PUBLIC LAW 97-258—SEPT. 13, 1982 tor defaulting under the Act of August 24, 1935 (known as the Miller Act) (40 U.S.C. 270a-270d), files with the United States Government the application and affidavit provided under section 3 of the Act (40 U.S.C. 270c), the Government— (1) may return to the contractor the Government obligation given as security (or proceeds of the Government obligation given) under the Act of August 24, 1935 (known as the Miller Act) (40 U.S.C. 270a-270d), only after the 90-day period for bringing a civil action under section 2 of the Act (40 U.S.C. 270b); and (2) if a civil action is brought in the 90-day period, shall hold the Government obligation or the proceeds subject to the order of the court having jurisdiction of the action. (e) This section does not affect the— (1) priority of a claim of the Government against a Government obligation given under this section; (2) right or remedy of the Government for default on an obligation provided under— (A) the Act of August 24, 1935 (known as the Miller Act) (40 U.S.C. 270a-270d); or (B) this section; (3) authority of a court over a Government obligation given as security in a civil action; and (4) authority of an official of the Government authorized by another law to receive a Government obligation as security. (f) To avoid frequent substitution of Government obligations, the Secretary may prescribe regulations limiting the effect of this section to a Government obligation maturing more than one year after the date the obligation is given as security. § 9304. Surety corporations (a) When a law of the United States Government requires or permits a person to give a surety bond through a surety, the person satisfies the law if the surety bond is provided for the person by a corporation— (1) incorporated under the laws of— (A) the United States; or (B) a State, the District of Columbia, or a territory or possession of the United States; (2) that may under those laws guarantee— (A) the fidelity of persons holding positions of trust; and (B) bonds and undertakings in judicial proceedings; and (3) complying with sections 9305 and 9306 of this title. (b) Each surety bond shall be approved by the official of the Government required to approve or accept the bond. The official may not require that the surety bond be given through a guaranty corporation or through any particular guaranty corporation. § 9305. Authority and revocation of authority of surety corporations (a) Before becoming a surety under section 9304 of this title, a surety corporation must file with the Secretary of the Treasury— ( D a copy of the articles of incorporation of the corporation; and (2) a statement of the assets and liabilities of the corporation signed and sworn to by the president and secretary of the corporation.

97-200 O—84—pt. 1

35: QL3

96 STAT. 1047

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