49-43-5.3. Purpose of bond--Amount--Multiple warehouses. The bond required by § 49-43-4.3 for public grain warehouses is for the specific purpose of protecting persons storing grain with the warehouse.
The warehouse operator shall furnish a single bond in an amount equal to one-half of the local market value of the grain stored in the warehouse, or if multiple warehouses are operated by the warehouse operator, the bond shall equal one-half of the local market value of the grain stored at all warehouse locations. However, a warehouse operator shall provide a minimum bond of twenty-five thousand dollars at any one municipality or location. The minimum bond amounts per municipality or location does not limit the bond coverage available to depositors at any one warehouse location. The entire bond, up to the amount on its face, shall provide coverage to a depositor conducting business at any of the warehouse operator's locations.
The bond shall describe with particularity the exact locations of the warehouses to be covered.
Source: SL 1985, ch 376, § 20; SL 1986, ch 397, § 4; SL 1987, ch 355, § 1; SL 1989, ch 404, § 2; SL 1992, ch 60, § 2; SL 1994, ch 359, § 4; SL 2008, ch 249, § 11.
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