80-4-405. Maximum bond amount.
80-4-405. Maximum bond amount. The maximum amount of any public warehouse operator bond may not exceed $1 million and the maximum amount of a commodity dealer bond may not exceed $1 million, except:
(1) any bonds compensating for net asset deficiencies prescribed in parts 5 and 6 of this chapter must be added to the maximum bond amount. In the event that the public warehouse operator is also licensed as a commodity dealer, only one net asset deficiency amount is required.
(2) the maximum bond amount must be adjusted each year based upon the percentage increase or decrease in the annual average index of prices received by Montana farmers for food and feed grains as computed by the Montana crop and livestock reporting service.
History: En. Sec. 5, Ch. 539, L. 1983; amd. Sec. 20, Ch. 452, L. 1993; amd. Sec. 3, Ch. 76, L. 1997.