§ 3.1-722.35. (Repealed effective October 1, 2008) Execution and terms of bond; action thereon
Bonds required by § 3.1-722.31 shall be executed by the applicant as principal and by a surety company authorized and qualified to do business in the Commonwealth as surety. The applicant shall file on or before July 1 of each licensing year a copy of this bond with the Commissioner, and the Commissioner shall be designated as the trustee of this bond. The bond shall be conditioned upon compliance with the provisions of this article and upon prompt and accurate settlement with the consignor. Any consignor of cotton claiming that a cotton handler has failed to comply with the provisions of this article or any regulations adopted pursuant thereto, or has failed to settle promptly and accurately with the consignor, may bring action therefor upon the cotton handler's bond against either the principal, or the surety, or both, in any court of competent jurisdiction.
(2000, c. 584.)Sections: Previous 3.1-722.28 3.1-722.29 3.1-722.30 3.1-722.31 3.1-722.32 3.1-722.33 3.1-722.34 3.1-722.35 3.1-722.36 3.1-722.37 3.1-722.38 3.1-722.39 3.1-722.40 3.1-722.41 3.1-722.42 Next
Last modified: April 16, 2009