§ 3.1-722.20. (Repealed effective October 1, 2008) Execution, terms and form of bond or irrevocable letter of cre...
The bond herein required shall be executed by the applicant as principal and by a surety company authorized and qualified to do business in this Commonwealth as surety. An irrevocable letter of credit may be issued on such terms as the Commissioner in his discretion may require. The Commissioner shall be designated as the trustee of the bond or beneficiary of the irrevocable letter of credit, and a copy of the bond or irrevocable letter of credit shall be filed with him. Such bond shall be upon a form prescribed or approved by the Commissioner and shall be conditioned to secure the faithful accounting for payment to producers, agents or representatives, of all grain purchased, stored, handled or sold by the dealer. Any producer claiming to be injured by the nonpayment, fraud, deceit or negligence of any dealer may bring action therefor upon the bond against the principal, or the surety, or both in any court of competent jurisdiction. In the event the Commissioner receives written complaint from an injured producer of nonpayment, fraud, deceit or negligence of a dealer, the Commissioner may investigate such complaint and make recommendations to the surety company relative to the culpability or nonculpability of the dealer and the extent thereof, if any.
(1972, c. 296; 1982, c. 187.)
Sections: Previous 3.1-722.13 3.1-722.14 3.1-722.15 3.1-722.16 3.1-722.17 3.1-722.18 3.1-722.19 3.1-722.20 3.1-722.20:1 3.1-722.21 3.1-722.22 3.1-722.23 3.1-722.24 3.1-722.25 3.1-722.26 NextLast modified: April 2, 2009