Delaware § 3168 Increase of bond

Delaware Statutes

§ 3168 — Increase of bond

Delaware·Title 3·Part Marketing of Agricultural Products·Ch. 31 MILK, CREAM AND OTHER MILK PRODUCTS; CONTAINERS·Subch. Dealers’ and Handlers’ Bonds

If it appears from the dealer’s or handler’s financial statement, or from facts otherwise ascertained by the Department of Agriculture, that the bond afforded to producers selling, supplying or making available on consignment or otherwise milk to such milk dealer or handler does not adequately protect such producers, the Department may require such milk dealer or handler to procure an additional surety, or to give an additional bond or additional security for the collateral bond, in a sum to be determined by the Department, which:

(1)Shall not exceed more than 50 percent of the value of the highest aggregate amount of milk purchased, acquired or received on consignment or otherwise by the dealer or handler from producers in any 1 month during the preceding or current year, which value sh

Free access — add to your briefcase to read the full text and ask questions with AI

If it appears from the dealer’s or handler’s financial statement, or from facts otherwise ascertained by the Department of Agriculture, that the bond afforded to producers selling, supplying or making available on consignment or otherwise milk to such milk dealer or handler does not adequately protect such producers, the Department may require such milk dealer or handler to procure an additional surety, or to give an additional bond or additional security for the collateral bond, in a sum to be determined by the Department, which:

(1) Shall not exceed more than 50 percent of the value of the highest aggregate amount of milk purchased, acquired or received on consignment or otherwise by the dealer or handler from producers in any 1 month during the preceding or current year, which value shall be computed according to the prices applicable; or

(2) Shall be a sum not exceeding by more than 50 percent the amount found to be due and owing producers by such dealer on a particular date determined by the Department,

whichever sum is greater, but the total increase shall not in any event exceed $50,000. In the case of a milk dealer or handler who pays producers in full each week for milk purchased, acquired or received or handled on consignment or otherwise by the milk dealer or handler from such producers, any increase required hereunder shall not exceed more than 25 percent of such value or amount, but the total increase in any event shall not exceed $25,000.

Delaware § 3168 (Increase of bond) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.