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U.S. Code as of:
01/03/05
Section 245. Bonding and other financial assurance requirements
(a) In general
As a condition of receiving a license or approval under this
chapter (including regulations promulgated under this chapter), the
person applying for the license or approval shall execute and file
with the Secretary a bond, or provide such other financial
assurance as the Secretary determines appropriate, to secure the
person's performance of the activities so licensed or approved.
(b) Service of process
To qualify as a suitable bond or other financial assurance under
subsection (a) of this section, the surety, sureties, or financial
institution shall be subject to service of process in suits on the
bond or other financial assurance in the State, district, or
territory in which the warehouse is located.
(c) Additional assurances
If the Secretary determines that a previously approved bond or
other financial assurance is insufficient, the Secretary may
suspend or revoke the license or approval covered by the bond or
other financial assurance if the person that filed the bond or
other financial assurance does not provide such additional bond or
other financial assurance as the Secretary determines appropriate.
(d) Third party actions
Any person injured by the breach of any obligation arising under
this chapter for which a bond or other financial assurance has been
obtained as required by this section may sue with respect to the
bond or other financial assurance in a district court of the United
States to recover the damages that the person sustained as a result
of the breach.
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