2006 Kansas Code - 47-1002

      47-1002.   Bond, conditions; expiration date of license; damage actions; issuance of license after bond given. The required bond shall be in the minimum amount of twenty thousand dollars ($20,000) for each license year or fraction thereof, but may be a continuous bond. Each license year shall expire on June 30. Said bond shall be conditioned upon compliance by the principal with the provisions of this act and upon the prompt, faithful and honest handling by the principal of such livestock and the prompt remittance of the proceeds from the sale, purchase or exchange thereof to the lawful owner of such livestock. Said bond shall be to the state for the use and benefit of such person or persons as may suffer loss or damage by breach of the condition thereof: Provided, That where the commissioner is the trustee and custodian of a surety bond wherein said public livestock market operator is the principal and is operating under the provisions of the packers and stockyards act of 1921 of the United States, the commissioner may accept such bond in lieu of the one herein otherwise required.

      Any producer, consignor or purchaser of livestock claiming to be injured by the breach of any public livestock market operator of any of the terms and provisions of said bond may bring action thereon to recover the damages caused by such breach. When said bond shall have been given, the commissioner shall thereupon issue to such applicant a license entitling the applicant, if a public livestock market operator, to conduct the business described in the application at the place named therein for a period expiring on June 30 following date of issuance, and for such additional license year periods as the public livestock market operator may be entitled to by reason of his having paid the annual application fee and the proof of his having paid the annual premium upon such continuous bond, or until such license shall have been revoked for cause.

      History:   L. 1937, ch. 262, § 2; L. 1939, ch. 224, § 2; L. 1947, ch. 304, § 1; L. 1953, ch. 256, § 1; L. 1965, ch. 333, § 8; L. 1970, ch. 206, § 2; July 1.