In subsection (a), before clause (1), the words "If a person is required under a law of the United States to give a surety bond, the person may give a Government obligation as security instead of a surety bond" are substituted for "Wherever by the laws of the United States or regulations made pursuant thereto, any person is required to furnish any recognizance, stipulation, bond, guaranty, or undertaking, hereinafter called 'penal bond', with surety or sureties, such person may, in lieu of such surety or sureties, deposit as security . . . United States Liberty bonds or other bonds or notes of the United States" to eliminate unnecessary words and for consistency. The words "The obligation shall be" are added because of the restatement. Clause (3) is substituted for "together with an agreement authorizing such official to collect or sell such bonds or notes so deposited in case of any default in the performance of any of the conditions or stipulations of such penal bond" to eliminate unnecessary words.

In subsection (b)(1), before clause (A), the words "An official receiving a Government obligation under subsection (a) of this section may deposit it with" are substituted for "The bonds or notes deposited hereunder, and such other United States bonds or notes as may be substituted therefor from time to time as such security, may be deposited with" for clarity and consistency and to eliminate unnecessary words. Clause (A) is substituted for "Treasurer of the United States" because of the source provisions restated in section 321(c) of the revised title. In clause (C), the words "duly" and "for that purpose" are omitted as unnecessary.

Subsection (b)(2) is substituted for "which shall issue receipt therefor, describing such bonds or notes so deposited" to eliminate unnecessary words and for consistency.

In subsection (c), before clause (1), the words "Using a Government obligation instead of a surety bond for security is the same as using" are substituted for "The acceptance of such United States bonds or notes in lieu of surety or sureties required by law shall have the same force and effect as" to eliminate unnecessary words and for consistency. In clause (1), the word "personal" is substituted for "individual" for consistency.

Subsection (d) is substituted for 6:15(4th, 5th sentences) to eliminate unnecessary words and for consistency in the revised title and with other titles of the Code.

In subsection (e), before clause (1), the words "This section does not" are substituted for "Nothing herein contained shall" for clarity and consistency. The words "or impair" are omitted as being covered by "affect". Clause (1) is substituted for "the bonds or notes deposited" for clarity and consistency. In clause (2), the words "of said penal bond" are omitted because of the restatement. In clause (3), the words "civil action" are substituted for "judicial proceedings" for consistency. In clause (4), the word "official" is substituted for "administrative officer" for consistency.

In subsection (f), the words "in order" are omitted as unnecessary. The words "Government obligations" are substituted for "securities" and for "bonds and notes of the United States" for consistency. The words "the Secretary may prescribe regulations limiting" are substituted for "such rules and regulations may limit" for clarity and consistency. The words "in appropriate classes of cases" are omitted as unnecessary. The words "the obligation is given" are substituted for "of deposit of such bonds" for clarity and consistency. The text of 6:15(7th sentence) is omitted as executed. The text of 6:15(9th sentence) is omitted because of section 321 of the revised title.

Editorial Notes

Amendments

2006—Pub. L. 109–351, §901(c)(1), substituted "eligible obligations" for "Government obligations" in section catchline.

Subsec. (a). Pub. L. 109–351, §901(b), (c)(3), substituted "an eligible obligation" for "a Government obligation" in introductory provisions and amended par. (2) generally. Prior to amendment, par. (2) read as follows: "be in an amount equal at par value to the amount of the required surety bond; and".

Subsecs. (b) to (e). Pub. L. 109–351, §901(c)(3), (4), substituted "an eligible obligation" for "a Government obligation" and "the eligible obligation" for "the Government obligation" wherever appearing.

Subsec. (f). Pub. L. 109–351, §901(c)(2), (3), substituted "eligible obligations" for "Government obligations" and "an eligible obligation" for "a Government obligation".

2003—Subsec. (d)(1). Pub. L. 108–178 struck out comma after "sections 3131 and 3133 of title 40".

2002—Subsec. (d). Pub. L. 107–217, §3(h)(9)(A), in introductory provisions substituted "sections 3131 and 3133 of title 40" for "the Act of August 24, 1935 (known as the Miller Act) (40 U.S.C. 270a–270d)" and "section 3133(a) of title 40" for "section 3 of the Act (40 U.S.C. 270c)".

Subsec. (d)(1). Pub. L. 107–217, §3(h)(9)(B), substituted "sections 3131 and 3133 of title 40" for "the Act of August 24, 1935 (known as the Miller Act) (40 U.S.C. 270a–270d)" and "section 3133(b) of title 40" for "section 2 of the Act (40 U.S.C. 270b)".

Subsec. (e)(2)(A). Pub. L. 107–217, §3(h)(9)(C), substituted "sections 3131 and 3133 of title 40" for "the Act of August 24, 1935 (known as the Miller Act) (40 U.S.C. 270a–270d)".

Statutory Notes and Related Subsidiaries

Effective Date of 2003 Amendment

Amendment by Pub. L. 108–178 effective Aug. 21, 2002, see section 5 of Pub. L. 108–178, set out as a note under section 5334 of Title 5, Government Organization and Employees.