§ 245. Bonding and other financial assurance requirements

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(a)In general As a condition of receiving a license or approval under this chapter (including regulations promulgated under this chapter), the person applying for the license or approval shall execute and file with the Secretary a bond, or provide such other financial assurance as the Secretary determines appropriate, to secure the person’s performance of the activities so licensed or approved.

(b)Service of process To qualify as a suitable bond or other financial assurance under subsection (a), the surety, sureties, or financial institution shall be subject to service of process in suits on the bond or other financial assurance in the State, district, or territory in which the warehouse is located.

(c)Additional assurances If the Secretary determines that a previously approved bond or other financial assurance is insufficient, the Secretary may suspend or revoke the license or approval covered by the bond or other financial assurance if the person that filed the bond or other financial assurance does not provide such additional bond or other financial assurance as the Secretary determines appropriate.

(d)Third party actions Any person injured by the breach of any obligation arising under this chapter for which a bond or other financial assurance has been obtained as required by this section may sue with respect to the bond or other financial assurance in a district court of the United States to recover the damages that the person sustained as a result of the breach.

(Aug. 11, 1916, ch. 313, pt. C, § 6, as added Pub. L. 106–472, title II, § 201, Nov. 9, 2000, 114 Stat. 2064.)

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U.S. Code

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Public Law 106–472
To amend the United States Grain Standards Act to extend the authority of the Secretary of Agriculture to collect fees to cover the cost of services performed under that Act, extend the authorization of appropriations for that Act, and improve the administration of that Act, to reenact the United St

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Sec. 6
BONDING AND OTHER FINANCIAL ASSURANCE REQUIREMENTS

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U.S. Code

Fair treatment in storage of agricultural products
§ 247

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Aug. 11, 1916, ch. 313
Pub. L. 106–472, title II, § 201
114 Stat. 2064
39 Stat. 486
Feb. 23, 1923, ch. 106
42 Stat. 1282
Pub. L. 106–472
act Aug. 11, 1916, ch. 313

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§ 245

Bonding and other financial assurance requirements

U.S.C.×3

Stat. Comp.×1

Stat.×1

U.S.C.§ 247

ActAug. 11, 1916, ch. 313

Pub. L.Pub. L. 106–472, title II, § 201

Stat.114 Stat. 2064

Stat.39 Stat. 486

ActFeb. 23, 1923, ch. 106

Cites 9 · showing 6Cited by 5 across 3 sources