2006 Minnesota Code
Chapters 17 - 43 Agriculture
Chapter 17A Livestock Market Licensing
Section 17A.05 AMOUNT OF BONDS.

17A.05 AMOUNT OF BONDS.
Subdivision 1. Livestock market agencies. The amount of each livestock market agency
bond filed with the commissioner shall be not less than $10,000 or such larger amount as required,
based on the commissioner's consideration of the principal's financial statement, the volume of
business reported, or any other factor the commissioner deems pertinent for the protection of the
public. Each such bond shall be executed on a Packers and Stockyards Act form and shall contain
the condition clause applicable when the principal sells on commission. A bond equivalent
executed in accordance with the Packers and Stockyards Act, 1921, as amended, (United States
Code, title 7, section 181 et seq.) is acceptable.
Subd. 2. Livestock dealers. The amount of each livestock dealer bond filed with the
commissioner shall be not less than $10,000 or such larger amount as required, based on the
commissioner's consideration of the principal's financial statement, the volume of business
reported, or any other factor the commissioner deems pertinent for the protection of the public.
Each such bond shall contain the condition clause applicable when the principal buys on
commission or as a dealer. A livestock dealer's bond shall be executed on a form furnished by
the commissioner or in accordance with the Packers and Stockyards Act, 1921, as amended,
(United States Code, title 7, section 181 et seq.).
When a bond is executed on a state form furnished by the commissioner, the bond shall be
for the protection of both the buyer and the seller named in the transaction when the principal fails
to pay when due for livestock purchased or sold for the principal's own account or the account of
others and shall be limited to the protection of claimants whose residence or principal place of
livestock business is in the state of Minnesota at the time of the transaction. If the bond is filed
on a form in accordance with the Packers and Stockyards Act, the bond shall cover claimants
regardless of place of residence.
History: 1974 c 347 s 5; 1977 c 299 s 5; 1984 c 654 art 3 s 23; 1986 c 444; 2000 c 477 s 4