North Dakota § 4.1-83-05 Application for license - Posting of bond

North Dakota Statutes

§ 4.1-83-05 — Application for license - Posting of bond

North Dakota·Title 4.1 Agriculture·Ch. 4.1-83 Livestock Dealers

1.As a condition of licensure, the applicant shall post a bond with the agriculture commissioner. The bond must be:

a.A surety bond;

b.A cash bond; or

c.An irrevocable letter of credit.

2.The agriculture commissioner must be named as the obligee.

3.The bond required by this section must be:

a.In an amount and form required by this chapter;

b.Applicable to the period during which the livestock dealer's license is in effect;

c.For the benefit of any person selling livestock to the livestock dealer or the dealer's agent; and

d.Conditioned for the payment of any financial obligation owed by a livestock dealer to another person in conjunction with the sale of livestock.

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1. As a condition of licensure, the applicant shall post a bond with the agriculture
commissioner. The bond must be:
a. A surety bond;
b. A cash bond; or
c. An irrevocable letter of credit.
2. The agriculture commissioner must be named as the obligee.
3. The bond required by this section must be:
a. In an amount and form required by this chapter;
b. Applicable to the period during which the livestock dealer's license is in effect;
c. For the benefit of any person selling livestock to the livestock dealer or the
dealer's agent; and
d. Conditioned for the payment of any financial obligation owed by a livestock dealer
to another person in conjunction with the sale of livestock.

North Dakota § 4.1-83-05 (Application for license - Posting of bond) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.