47-1002. Bond, conditions; expiration date of license; damage actions; issuance of license after bond given.
47-1002
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 thousanddollars ($20,000) for each license year or fraction thereof, but may be acontinuous bond. Each license year shall expire on June 30. Said bond shallbe conditioned upon compliance by the principal with the provisions of thisact and upon the prompt, faithful and honest handling by the principal ofsuch livestock and the prompt remittance of the proceeds from the sale,purchase or exchange thereof to the lawful owner of such livestock. Saidbond shall be to the state for the use and benefit of such person orpersons as may suffer loss or damage by breach of the condition thereof:Provided, That where the commissioner is the trustee and custodian ofa surety bond wherein said public livestock market operator is theprincipal and is operating under the provisions of the packers andstockyards act of 1921 of the United States, the commissioner may acceptsuch bond in lieu of the one herein otherwise required.
Any producer, consignor or purchaser of livestock claiming to be injuredby the breach of any public livestock market operator of any of the termsand provisions of said bond may bring action thereon to recover the damagescaused by such breach. When said bond shall have been given, thecommissioner shall thereupon issue to such applicant a license entitlingthe applicant, if a public livestock market operator, to conduct thebusiness described in the application at the place named therein for aperiod expiring on June 30 following date of issuance, and for suchadditional license year periods as the public livestock market operator maybe entitled to by reason of his having paid the annual application fee andthe proof of his having paid the annual premium upon such continuous bond,or until such license shall have been revoked for cause.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.