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261.260 Surety bond or other security instrument or agreement.
(1)
(2)
(3)
The owner or operator of any stockyard or buying station, any market agency,
or any livestock dealer who is required to execute and maintain a surety bond
or other security instrument or agreement in compliance with standards set out
in the Packers and Stockyards Act, 7 U.S.C. secs. 181-229b, or regulations
promulgated under the Act shall forward a copy of the bond or other security
instrument or agreement to the department.
The owner or operator of any stockyard or buying station, any market agency,
or any livestock dealer who is not required to file a surety bond or other
security instrument or agreement under requirements in the Packers and
Stockyards Act, 7 U.S.C. secs. 181-229b, or the regulations promulgated under
the Act, shall file with the department a surety bond issued by a surety
company authorized to transact business within the Commonwealth of
Kentucky, payable to the Commonwealth with the Commissioner as trustee, or
other security instrument or agreement required by the Commissioner. The
terms, conditions, and amount of the bond or other security instrument or
agreement shall be determined by administrative regulation.
In instances where two (2) or more stockyards or buying stations are owned
and operated by the same person, each affiliated stockyard or buying station
shall be required to show proof of credit worthiness independent of the other
affiliates and shall be required to meet the provisions of subsection (1) or (2) of
this section.
Effective:July 12, 2012
History: Amended 2012 Ky. Acts ch. 28, sec. 5, effective July 12, 2012. -Amended 2006 Ky. Acts ch. 225, sec. 5, effective July 12, 2006. -- Created 1954
Ky. Acts ch. 130, sec. 7, effective June 17, 1954.
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