Subject to approval of the court and in compliance with Volume 14, Chapter
6 of the Guide to Judiciary Policy, bonds must be supported by acceptable
corporate sureties, individual sureties, assets acceptable as security, or irrevocable
letters of credit.
(a) Acceptable Corporate Sureties. Any corporate surety offered for a
bond furnished to the judiciary must appear on the list contained in Treasury
Department Circular 570 (Companies Holding Certificates of Authority as
Acceptable Sureties on Federal Bonds and as Acceptable Reinsuring Companies).
(b) Individual Sureties. On a case by case basis, the court may accept
individual sureties.
(c) Assets Acceptable as Security. The only assets acceptable in place
of a surety bond are:
(1) United States bonds or notes with a maturity date less than five
(5) years from the date of the contract, together with an agreement
authorizing collection or sale in the event of default. The par value of the
bonds or notes must be at least equal to the penal amount of the bond.
(2) A certified check, cashier’s check, bank draft, postal money
order, or currency. The deposit must be at least equal to the penal amount of
the surety bond and payable to “Clerk, U.S. District Court.”
(3) A bond secured by an Irrevocable Letter of Credit (ILC) in an
amount equal to the penal sum required to be secured. A separate ILC is
required for each bond.
