<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 49-43-5.3 - Purpose of bond--Amount--Multiple warehouses. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2071043Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2071043SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2071043CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2071043Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2071043DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2071043Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2071043000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2071043SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2071043SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2071043Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=49-43-5.3"><span class="s2071043SENU">49-43-5.3</span></a><span xml:space="preserve" class="s2071043SENU">. </span><span class="s2071043CL">Purpose of bond--Amount--Multiple warehouses.</span></p><p dir="ltr" class="s2071043Normal-000000"><span xml:space="preserve" class="s2071043DefaultParagraphFont">The bond required by § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=49-43-4.3"><span class="s2071043DefaultParagraphFont">49-43-4.3</span></a><span xml:space="preserve" class="s2071043DefaultParagraphFont"> for public grain warehouses is for the specific purpose of protecting persons storing grain with the warehouse.</span></p><p dir="ltr" class="s2071043Normal-000001"><span class="s2071043DefaultParagraphFont">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.</span></p><p dir="ltr" class="s2071043Normal-000001"><span class="s2071043DefaultParagraphFont">The bond shall describe with particularity the exact locations of the warehouses to be covered.</span></p><p dir="ltr" class="s2071043Normal"><span xml:space="preserve" class="s2071043000002"> </span></p><p dir="ltr" class="s2071043Normal"><span class="s2071043SCL">Source:</span><span xml:space="preserve" class="s2071043SCL-000003"> 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.</span></p></div></body></html>