arrow_back Back to App

Bankruptcy Law Change: Priority for Customs Duty Claims for Sureties

This law modifies the rules for debt repayment when importing businesses file for bankruptcy. It allows entities that pay customs duties on behalf of a bankrupt company (such as surety bond providers) to inherit the high repayment priority normally reserved for the US government. This technical change aims to stabilize the market for customs bonds by improving recovery prospects for guarantors.
Key points
Changes the priority rules for customs duty claims in bankruptcy proceedings.
Entities that pay customs duties for bankrupt companies (sureties) gain the same high repayment priority as the federal government.
The change applies only to bankruptcy cases filed after the law takes effect.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_HR_1453
Sponsor: Rep. Garbarino, Andrew R. [R-NY-2]
Process start date: 2023-03-08
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-flash-latest
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Customs Business Fairness Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_1453.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-03-08.

What are the main provisions?

Key points include:

  • Changes the priority rules for customs duty claims in bankruptcy proceedings.
  • Entities that pay customs duties for bankrupt companies (sureties) gain the same high repayment priority as the federal government.
  • The change applies only to bankruptcy cases filed after the law takes effect.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Garbarino, Andrew R. [R-NY-2].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on the Judiciary.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Courts and Law Economy