S.D. Admin. R. 20:10:11:04.02

Current through Register Vol. 51, page 67, December 16, 2024

Section 20:10:11:04.02 - Release of bonds

The commission may release an increase rider or additional bond to the warehouse licensee if it determines, after inspection or the submission of an updated grain report as required by § 20:10:11:01, that the original bond is adequate to cover one-half of the local market value of grain in the warehouse licensee's facilities.

An original bond filed with the commission for the license year may not be released unless a new bond is executed to replace the original bond for the entire license year.

S.D. Admin. R. 20:10:11:04.02

13 SDR 40, effective 10/14/1986; 14 SDR 62, effective 10/28/1987; 24 SDR 190, effective 7/15/1998; 40 SDR 39, effective 9/9/2013.

General Authority: SDCL 49-43-4.1(3).

Law Implemented: SDCL 49-43-4.1(3), 49-43-4.3, 49-43-5.3.

Claim against warehouseman, SDCL 49-43-5.9.