Statute 47-1002: Bond, conditions; expiration date of license; damage actions;
issuance of license after bond given.
The required bond shall be in the minimum amount of twenty thousand
dollars ($20,000) for each license year or fraction thereof, but may be a
continuous bond. Each license year shall expire on June 30. Said bond shall
be conditioned upon compliance by the principal with the provisions of this
act and upon the prompt, faithful and honest handling by the principal of
such livestock and the prompt remittance of the proceeds from the sale,
purchase or exchange thereof to the lawful owner of such livestock. Said
bond shall be to the state for the use and benefit of such person or
persons as may suffer loss or damage by breach of the condition thereof:
Provided, That where the commissioner is the trustee and custodian of
a surety bond wherein said public livestock market operator is the
principal and is operating under the provisions of the packers and
stockyards act of 1921 of the United States, the commissioner may accept
such bond in lieu of the one herein otherwise required.
Any producer, consignor or purchaser of livestock claiming to be injured
by the breach of any public livestock market operator of any of the terms
and provisions of said bond may bring action thereon to recover the damages
caused by such breach. When said bond shall have been given, the
commissioner shall thereupon issue to such applicant a license entitling
the applicant, if a public livestock market operator, to conduct the
business described in the application at the place named therein for a
period expiring on June 30 following date of issuance, and for such
additional license year periods as the public livestock market operator may
be entitled to by reason of his having paid the annual application fee and
the proof of his having paid the annual premium upon such continuous bond,
or until such license shall have been revoked for cause.
History: L. 1937, ch. 262, § 2; L. 1939, ch. 224, § 2; L. 1947, ch. 304, § 1;
L. 1953, ch. 256, § 1; L. 1965, ch. 333, § 8; L. 1970, ch. 206, § 2;
July 1.