13 CFR 115.20
§ 115.20 Insolvency of Surety.
United States · 13 CFR — Business Credit and Assistance · Status: effective
Cite this
- Citation
- 13 CFR 115.20, § 115.20 Insolvency of Surety, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/51961
- Permanent ID
ys:prov:51961@1- SHA-256
0b641012b5db94899e63d17715fe0ea691fadf2895c5a4d3aecb28493670058b
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
(a) Successor in interest. If a Surety becomes insolvent, all rights or benefits conferred on the Surety under a valid and binding Prior Approval or PSB Agreement will accrue only to the trustee or receiver of the Surety. SBA will not be liable to the trustee or receiver of the insolvent Surety except for the guaranteed portion of any Loss incurred and actually paid by such Surety or its trustee or receiver under the guaranteed bonds.
(b) Filing requirement. The trustee or receiver must submit to SBA quarterly status reports accounting for all funds received and all settlements being considered.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.