§ 26-3-7-9 — Bond, cash deposit, or letter of credit

Indiana § 26-3-7-9

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 3: WAREHOUSES
• Ch. 7: Indiana Grain Buyers and Warehouse Licensing and

Text

(a) Each applicant for a license under this
chapter shall, as a condition of licensure, file or have on file with the
director:
(1) a cash deposit;
(2) an irrevocable letter of credit;
(3) a bond; or
(4) any combination of the above;
as provided in section 10 of this chapter.
(b) A bond filed under this chapter shall:
(1) be conditioned upon the faithful performance of all obligations
of the licensee under this chapter and the rules adopted under this
chapter from the effective date of the bond until the earlier of the
date the license is revoked or the bond is canceled as provided in
this chapter; and
(2) be further conditioned upon the faithful performance of all
obligations from the effective date of the bond and thereafter,
regardless of whether the licensee's facility or facilities exist on
the effective date of the bond or are thereafter assumed prior to
the date the licensee's license is revoked or the bond is canceled
as provided in this chapter.
(c) The bond must remain in effect during a violation or a period
during which the licensee is subject to a cease and desist order.
Formerly: Acts 1973, P.L.268, SEC.1; Acts 1974, P.L.120,
SEC.6; Acts 1975, P.L.277, SEC.6. As amended by Acts 1979,
P.L.249, SEC.5; Acts 1982, P.L.155, SEC.8; P.L.191-1991, SEC.6;
P.L.125-1997, SEC.28; P.L.173-1999, SEC.5; P.L.114-2025,
SEC.18.