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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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