An In Depth Study Of Agricultural Packers Bond
The Packers and Stockyards Act of 1921, as amended (PSA” or Act”), 7 U.S.C. §§ 181-229, is designed to insure effective competition and integrity in livestock, meat, and poultry markets. NRS 576.132 Free-sale certificate for agricultural product; submission of utility; requirements.
Sec. 147.021. BOND REQUIRED. Earlier than engaging in enterprise as a commission merchant, a person shall file a bond with the county judge of the county of the commission merchant’s principal place of business.
Agricultural Packers Bond, An In Depth Look
Specializing in Providing Surety Bonds to Companies and People all through the United States. Sec. 6. An application for renewal license shall be made in writing to the Division, on forms prescribed by the Division, shall include such data as will allow the Division to determine if the applicant is certified to proceed to hold a license, and shall be accompanied by the required fee, which isn’t returnable.
The chief officer of the Department of Agriculture shall be denominated the Commissioner of Agriculture. The Commissioner shall have a competent information of agriculture, manufacturing and basic industries, commerce, chemistry and publicity.
Nonetheless, in various states, these firms also have to get a bond to meet state businesses’ necessities. A few of the companies that need to be bonded embody cotton dealers and warehouses, grain sellers and warehouses, agricultural brokers, distributors, dealers and sales agents, and livestock and equine sellers and brokers.
Agriculture Vendor Bond
Packers and Stockyard Bonds also called a livestock bonds are required by the Federal Government as regulated by the Division of Agriculture. FINANCIAL ASSURE BOND: A bond which ensures the payment of a sum of cash whether or not or not the exact quantity is known or stated. Widespread types are: courtroom bonds (attraction), lease bonds and utility deposit bonds. An middleman that arranges transportation between the sellers and patrons of merchandise. The vendor must be licensed on the time of the transaction. Solely gross sales to licensed sellers are lined under this laws.
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The Importance Of Agricultural Packers Bond
After posting adequate bond, filing a present financial assertion and passing basic checks of monetary duty, dealers and public sale markets are granted a license. As a way to facilitate the gathering and collation of data of the assets of the State on all lines, the heads of the a number of departments of the State authorities and of the State establishments shall furnish accurately such info as could also be at their command to the Commissioner when known as upon for it.