Kentucky Statutes 261.260 – Surety bond or other security instrument or agreement
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(1) The owner or operator of any stockyard or buying station, any market agency, or any livestock dealer who is required to execute and maintain a surety bond or other security instrument or agreement in compliance with standards set out in the Packers and Stockyards Act, 7 U.S.C. secs. 181-229b, or regulations promulgated under the Act shall forward a copy of the bond or other security instrument or agreement to the department.
(2) The owner or operator of any stockyard or buying station, any market agency, or any livestock dealer who is not required to file a surety bond or other security instrument or agreement under requirements in the Packers and Stockyards Act, 7
U.S.C. secs. 181-229b, or the regulations promulgated under the Act, shall file with the department a surety bond issued by a surety company authorized to transact business within the Commonwealth of Kentucky, payable to the Commonwealth with the Commissioner as trustee, or other security instrument or agreement required by the Commissioner. The terms, conditions, and amount of the bond or other security instrument or agreement shall be determined by administrative regulation.
(3) In instances where two (2) or more stockyards or buying stations are owned and operated by the same person, each affiliated stockyard or buying station shall be required to show proof of credit worthiness independent of the other affiliates and shall be required to meet the provisions of subsection (1) or (2) of this section.
Effective: July 12, 2012
History: Amended 2012 Ky. Acts ch. 28, sec. 5, effective July 12, 2012. — Amended
2006 Ky. Acts ch. 225, sec. 5, effective July 12, 2006. — Created 1954 Ky. Acts ch.
130, sec. 7, effective June 17, 1954.
(2) The owner or operator of any stockyard or buying station, any market agency, or any livestock dealer who is not required to file a surety bond or other security instrument or agreement under requirements in the Packers and Stockyards Act, 7
Terms Used In Kentucky Statutes 261.260
- Buying station: means a facility that is conducted, operated, or managed as a private livestock market that offers stockyard services. See Kentucky Statutes 261.200
- Commissioner: means the Commissioner of Agriculture. See Kentucky Statutes 261.200
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Department: means the Kentucky Department of Agriculture. See Kentucky Statutes 261.200
- Livestock: means cattle, sheep, swine, goats, horses, alpacas, llamas, buffaloes, or other animals of the bovine, ovine, porcine, caprine, equine, or camelid species. See Kentucky Statutes 261.200
- Livestock dealer: means any person, not a market agency, who:
(a) Is regularly engaged in the business of buying or selling livestock in commerce, either on his or her own account or as the employee or agent of the vendor or purchaser. See Kentucky Statutes 261.200 - Market agency: means a person engaged in the business of:
(a) Buying or selling livestock in commerce on a commission basis. See Kentucky Statutes 261.200 - Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
- Owner or operator: means persons responsible for the operation of each individual stockyard or buying station. See Kentucky Statutes 261.200
- Stockyard: means a facility regulated by:
(a) The United States Secretary of Agriculture under the Packers and Stockyards Act, 1921 (42 Stat. See Kentucky Statutes 261.200 - Trustee: A person or institution holding and administering property in trust.
U.S.C. secs. 181-229b, or the regulations promulgated under the Act, shall file with the department a surety bond issued by a surety company authorized to transact business within the Commonwealth of Kentucky, payable to the Commonwealth with the Commissioner as trustee, or other security instrument or agreement required by the Commissioner. The terms, conditions, and amount of the bond or other security instrument or agreement shall be determined by administrative regulation.
(3) In instances where two (2) or more stockyards or buying stations are owned and operated by the same person, each affiliated stockyard or buying station shall be required to show proof of credit worthiness independent of the other affiliates and shall be required to meet the provisions of subsection (1) or (2) of this section.
Effective: July 12, 2012
History: Amended 2012 Ky. Acts ch. 28, sec. 5, effective July 12, 2012. — Amended
2006 Ky. Acts ch. 225, sec. 5, effective July 12, 2006. — Created 1954 Ky. Acts ch.
130, sec. 7, effective June 17, 1954.