261.260 Surety bond or other security instrument or agreement.

241 words·~1 min read·/ky/chapter-261/261-260

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)The owner or operator of any stockyard or buying station, any market agency, or any

livestock dealer who is required to execute and maintain a surety bond or other

security instrument or agreement in compliance with standards set out in the

Packers and Stockyards Act, 7 U.S.C. secs. 181-229b, or regulations promulgated

under the Act shall forward a copy of the bond or other security instrument or

agreement to the department.

(2)The owner or operator of any stockyard or buying station, any market agency, or any

livestock dealer who is not required to file a surety bond or other security

instrument or agreement under requirements in the Packers and Stockyards Act, 7

U.S.C. secs. 181-229b, or the regulations promulgated under the Act, shall file with

the department a surety bond issued by a surety company authorized to transact

business within the Commonwealth of Kentucky, payable to the Commonwealth

with the Commissioner as trustee, or other security instrument or agreement

required by the Commissioner. The terms, conditions, and amount of the bond or

other security instrument or agreement shall be determined by administrative

regulation.

(3)In instances where two

(2)or more stockyards or buying stations are owned and

operated by the same person, each affiliated stockyard or buying station shall be

required to show proof of credit worthiness independent of the other affiliates and

shall be required to meet the provisions of subsection

(1)or

(2)of this section.