§ 11-11-105 — Surety bond required; amount; approval by department; conditions; exception

Wyoming § 11-11-105

• Jurisdiction: Wyoming
• Title 11: Agriculture, Livestock and Other Animals
• Ch. 11: BUYING, SELLING AND STORING OF GRAIN

Text

(a) Each applicant for a warehouseman's or warehouse
license shall post a cash bond, acceptable irrevocable letter of
credit or execute and file with the department a good and
sufficient surety bond in an amount determined by the department
based on the maximum number of hundred weight the warehouseman
can store in the warehouses for which the bond is required, but
not less than twenty thousand dollars ($20,000.00). A surety
bond shall be executed by a responsible surety company licensed
to do business in this state and conditioned upon the faithful
performance of the obligation of the warehouseman or person
operating a warehouse under the laws of this state and of any
additional obligations assumed by him under contract with those
who deposit grain with him. All bonds shall be payable to the
state for the benefit of any injured party, and shall be in the
form and contain additional conditions as the department may
prescribe. No person is required to file a bond who has already
posted similar bond with the United States department of
agriculture pursuant to the United States Warehouse Act of
August 11, 1916, as amended.
(b) Cash bonds, irrevocable letters of credit and surety
bonds shall not be released by the department until an audit has
been completed and satisfied. The department shall publish a
public notice for sixty (60) days prior to any bond being
released.
(c) In the event a warehouseman does not renew his license
in accordance with W.S. 11-11-103 or suspends normal business
operations, the department shall post a public notice in a paper
of local distribution for sixty (60) days prior to the closure
of the warehouse.