Sec. 22-239. Commissioner may require bonds or other security of milk dealers.
217 words·~1 min read·
/ct/title-22/chapter-431-milk-industry/22-239·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)The Commissioner of Agriculture shall have power, when he finds such action necessary for the protection of producers, to require a dealer holding a permit issued under section 22-173 or 22-184 to provide a bond or other security, satisfactory to the commissioner, payable to the state of Connecticut for the benefit of such producers. Such bond, with sufficient surety, or other security, properly assigned to the commissioner, shall be filed with the commissioner, in such form as he prescribes, and conditioned upon full and prompt payment for all milk received or purchased from producers by such dealer during the license year or remainder thereof.
(b)Such other security may be:
(1)Cash deposited with a bank or trust company and held under an escrow agreement with the Commissioner of Agriculture,
(2)United States government interest-bearing obligations and negotiable bonds for the United States deposited with the commissioner or
(3)the assignment of assets such as the cash surrender value of life insurance policies owned by the dealer; stock or bonds or other marketable securities the value of which has been determined by the market quotation listed in The Wall Street Journal on the first calendar day of each quarter, or real property the value of which has been determined by an appraisal filed with the commissioner.