§ 3.1-722.5. (Repealed effective October 1, 2008) Execution, terms and form of bond; action on bond
The bond referred to in § 3.1-722.4 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 May 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. If the bond is not filed by the due date, and if the applicant notifies the Commissioner that the bond application is in process and furnishes the Commissioner a copy of the dated bond application, the Commissioner may grant a grace period of fifteen working days for the applicant to file the bond without penalty. Any applicant who fails to file a bond by the fifteenth day of the grace period, shall be subject to all applicable late fees and penalties as stated in §§ 3.1-722.3 and 3.1-722.11 before a license will be issued. 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 agricultural products purchased, 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.
(1968, c. 598; 1994, c. 340.)Sections: Previous 3.1-721 3.1-722 3.1-722.1 3.1-722.1:1 3.1-722.2 3.1-722.3 3.1-722.4 3.1-722.5 3.1-722.5:1 3.1-722.6 3.1-722.6:1 3.1-722.7 3.1-722.8 3.1-722.9 3.1-722.10 Next
Last modified: April 16, 2009