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

be given to the official having authority to approve the surety bond; 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 authorize the official receiving the obligation to collect or sell the obligation if the person defaults on a required condition. the Secretary of the Treasury; a Federal reserve bank; or a depositary designated by the Secretary. The Secretary, bank, or depositary shall issue a receipt that describes the obligation deposited. a personal or corporate surety bond; a certified check; a bank draft; a post office money order; or cash. may return to the contractor the eligible obligation given as security (or proceeds of the eligible obligation given) under sections 3131 and 3133 of title 40 only after the 90-day period for bringing a civil action under section 3133(b) of title 40 ; and if a civil action is brought in the 90-day period, shall hold the eligible obligation or the proceeds subject to the order of the court having jurisdiction of the action. priority of a claim of the Government against an eligible obligation given under this section; sections 3131 and 3133 of title 40; or this section; authority of a court over an eligible obligation given as security in a civil action; and authority of an official of the Government authorized by another law to receive an eligible obligation as security. To avoid frequent substitution of eligible obligations, the Secretary may prescribe regulations limiting the effect of this section to an eligible obligation maturing more than one year after the date the obligation is given as security.