49-45-28. Parent company furnishing financial statements responsible for financial obligations of licensed entity.
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/sd/title-49/chapter-49-45/49-45-28A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If an applicant for a grain buyer license that is a subsidiary of a parent company submits the financial statements of the parent company, the parent company furnishing the financial statements is responsible for all the financial obligations incurred by the licensed entity related to the purchase and storage of grain, including any voluntary credit sale contract.