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Title XXVI TRADE AND COMMERCE

Chapter 411

previous next Effective - 28 Aug 1977bottom

  411.281.  Additional bond required, when — amount, how determined. — 1.  The director, after a hearing held in accordance with this chapter and regulations promulgated hereunder, may make a determination that the warehouseman has failed, or is unable, to meet storage or dollar obligations, and thus an additional bond is essential to adequately protect the warehouseman's depositors.  Upon such a determination, the director shall require to be filed, within a reasonable period, as determined by the director, an additional bond in such amount as the director deems to be necessary to assure protection to the warehouseman's depositors.

  2.  The amount of the additional bond required under this section shall not exceed the amount necessary to fulfill the storage and dollar obligation which the warehouseman has failed or is unable to meet.

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(L. 1977 S.B. 75 § 5)


---- end of effective   28 Aug 1977 ----

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