40-33-7. Bond required of dealer at wholesale--Terms of bond.
247 words·~1 min read·
/sd/title-40/chapter-40-33/40-33-7A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any dealer at wholesale, as defined in this chapter, in addition to securing a license from the secretary of agriculture and natural resources, if such be required by the laws of this state, shall execute and file with the secretary a bond to the State of South Dakota with sureties to be approved by the secretary, the amount and form thereof to be fixed by the secretary, conditioned for the faithful performance of his duties as a dealer at wholesale, for the observance of all laws relating to the carrying on of the business of a dealer at wholesale, for the payment when due of the purchase price of produce purchased by him when notice of default is given the secretary within ninety days after the due date; provided, that the bond shall not cover transactions wherein it appears to the secretary that a voluntary extension of credit has been given on the produce by the seller to the dealer at wholesale beyond the due date, for the prompt settlement and payment of all claims and charges due the state for services rendered or otherwise, for the prompt reporting of sales, as required by law, to all persons consigning produce to the dealer at wholesale for sale on commission, and the prompt payment to the persons entitled thereto of the proceeds of such sales, less lawful charges, disbursements, and commissions.
The bond shall cover all wholesale produce business transacted, in whole or in part, within the state.