§ 35-55-104 — Bond

Colorado § 35-55-104

• Jurisdiction: Colorado
• Title 35: Agriculture
• Art.: Public Livestock Markets

Text

(1) No license or renewal of license to establish a public
livestock market within the state of Colorado may be issued until the applicant has
filed evidence of a savings account, deposit, or certificate of deposit meeting the
requirements of section 11-35-101, C.R.S., or executed and delivered to this state a
surety bond approved and accepted by the state board of stock inspection
commissioners upon a form prescribed by the state board. The bond shall be in a
penal sum of not less than twenty-five thousand dollars, the amount to be
determined by the state board based upon the dollar volume of the business, and
shall be issued by a surety company approved by the state board of stock
inspection commissioners. Said bond shall be conditioned upon the prompt
payment to the rightful owner, upon sale of the livestock so consigned and
delivered to the licensee for sale, of all moneys received, less reasonable expenses
and agreed commissions chargeable by the licensee and operator of the public
livestock market, and also upon full compliance with all of the terms and
requirements of this article. When so approved, said bond shall be filed with the
state board.

(2) Actions at law may be brought in the name of the state board of stock
inspection commissioners upon any such bond, for the use and benefit of any
person, firm, or corporation who may suffer loss or damage from violations thereof,
but the aggregate liability of the surety for all such losses or damages shall, in no
event, exceed the sum of said bond.

(3) Any such public livestock market which is registered under the provisions
of the federal Packers and Stockyards Act, 1921, as amended, and has executed a
bond as provided for therein and as is required by the rules and regulations
prescribed by the secretary of agriculture, is not required to execute the bond
provided for in this article if such bond also guarantees payment of all brand and
sanitary inspection fees due this state. Copies of any such license and bond
certified by the executive officer of such board may be procured upon payment of a
fee of one dollar each, and shall be received as competent evidence in any court in
this state.

Legislative History

Source: L. 49: p. 698, � 4. CSA: C. 160, � 209(21). L. 51: p. 787, � 1. CRS 53: � 8-11-4. C.R.S. 1963: � 8-11-4. L. 65: p. 235, � 4. L. 73: p. 1395, � 6. L. 79: (1) amended, p. 426, � 18, effective July 1. L. 98: (3) amended, p. 274, � 12, effective August 5.