An In Depth Study Of Agricultural Packers Bond
Livestock Market Agencies, Dealers and Packers are required by the United States Department of Agriculture (USDA) Grain Inspection, Packers and Stockyards Administration’s Packard and Stockyards Program to file a Livestock Market Companies, Sellers and Packers Bond underneath the Packers and Stockyards Act of 1921 as amended. The swine production contract grower or livestock producer is offered entry to and opportunity to have interaction in reasonable discovery of knowledge held by the packer.
Restricted Supplier – Dealers utilizing this category must file an affidavit setting forth most monthly purchases and must make cost for purchases on the time of taking possession of the product.
Agricultural Packers Bond, An Overview
The Packers and Stockyards Act of 1921, as amended (PSA” or Act”), 7 U.S.C. §§ 181-229, is designed to insure effective competitors and integrity in livestock, meat, and poultry markets. Sec. 7. Each non-resident applicant for an unique license or renewal license shall file with the Department an irrevocable consent that actions in opposition to the applicant could also be filed within the circuit court docket of the county where the plaintiff resides or the place some part of the transaction occurred out of which the alleged explanation for action arose and that course of in any action could also be served on the applicant by leaving 2 copies thereof with the Director. Such consent shall stipulate that such service of course of is valid for all purposes. The Director shall promptly ahead, by licensed mail, one copy of such process to the applicant at the deal with shown on the information of the Division. No foreign corporation shall be granted a license under this Act until it has been authorized by the Secretary of State to do business in this State.
Sec. four. Software. An software by a person for an authentic license shall be made in writing to the Department, on forms prescribed by the Division, and shall be accompanied by the required bond and the required payment, which isn’t returnable. Any such application shall require such info as within the judgment of the Division will allow the Division to move on the skills of the applicant for a license. The knowledge necessities shall be established by rule.
In the occasion that the material is manufactured in the laboratories of the Department of Agriculture, the Commissioner shall receive and keep current accounts of all sums derived from the sale of the material at cost and deposit such sums within the State Treasury to the credit score of the overall fund of the State.
Agricultural Packers Bonds About Bonds
Specializing in Offering Surety Bonds to Companies and People all through the United States. Ê who is injured by any violation of the provisions of this chapter, or by any misrepresentations or fraud on the a part of any licensed supplier, dealer or fee merchant, could keep a civil action towards the supplier, dealer or commission merchant. If the vendor, dealer or fee service provider is licensed, he or she may also maintain an action against the surety on any bonds, or the cash or securities deposited in lieu of a bond. In such an motion against an unlicensed dealer, broker or fee merchant, the injured individual is entitled to treble damages.
The applicant shall fulfill the division of the applicant’s character and good religion in searching for to interact in such enterprise. The division shall issue to the applicant a license to conduct the business of a supplier or dealer at the place named in the utility. Licenses, until revoked, shall expire annually on the thirty-first day of March and shall be renewed in response to the standard renewal procedure of sections 4745.01 to 4745.03 of the Revised Code.
When Referring To Agricultural Packers Bond
Packers and Stockyard Bonds also known as a livestock bonds are required by the Federal Authorities as regulated by the Division of Agriculture. 2. The Division could droop, pending inquiry, for not longer than 30 days, and after listening to or investigation could refuse to grant, renew or revoke any license because the case could require, if it is happy that the licensee has turn into bankrupt or bancrupt, and is thereby unable to pay producer-collectors of the licensee, or producers with whom the licensee has executory or executed contracts for the acquisition of farm merchandise, or for the handling of farm merchandise on consignment.