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31 U.S. Code § 9303

Use of eligible obligations instead of surety bonds

31 U.S. Code § 9303. Use of eligible obligations instead of surety bonds

(a) If a person is required under a law of the United States to give a surety bond, the person may give an eligible obligation as security instead of a surety bond. The obligation shall—
(1)
be given to the official having authority to approve the surety bond;
(2)
as determined by the Secretary of the Treasury, have a market value that is equal to or greater than the amount of the required surety bond; and
(3)
authorize the official receiving the obligation to collect or sell the obligation if the person defaults on a required condition.
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