Minnesota Statutes 17A.05 – Amount of Bonds
Subdivision 1.Livestock market agencies.
The amount of each livestock market agency bond filed with the commissioner shall be not less than $10,000 or such larger amount as required, based on the commissioner’s consideration of the principal’s financial statement, the volume of business reported, or any other factor the commissioner deems pertinent for the protection of the public. Each such bond shall be executed on a Packers and Stockyards Act form and shall contain the condition clause applicable when the principal sells on commission. A bond equivalent executed in accordance with the Packers and Stockyards Act, 1921, as amended, (United States Code, title 7, section 181 et seq.) is acceptable.
Subd. 2.Livestock dealers.
Terms Used In Minnesota Statutes 17A.05
- Commissioner: means the commissioner of agriculture or the commissioner's representative. See Minnesota Statutes 17A.03
- Livestock: means cattle, sheep, swine, horses intended for slaughter, mules, farmed Cervidae, as defined in section 35. See Minnesota Statutes 17A.03
- Livestock dealer: means any person, including a packing company, engaged in the business of buying or selling livestock on a regular basis for the person's own account or for the account of others. See Minnesota Statutes 17A.03
- state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
Terms Used In Minnesota Statutes 17A.05
- Commissioner: means the commissioner of agriculture or the commissioner's representative. See Minnesota Statutes 17A.03
- Livestock: means cattle, sheep, swine, horses intended for slaughter, mules, farmed Cervidae, as defined in section 35. See Minnesota Statutes 17A.03
- Livestock dealer: means any person, including a packing company, engaged in the business of buying or selling livestock on a regular basis for the person's own account or for the account of others. See Minnesota Statutes 17A.03
- state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
The amount of each livestock dealer bond filed with the commissioner shall be not less than $10,000 or such larger amount as required, based on the commissioner’s consideration of the principal’s financial statement, the volume of business reported, or any other factor the commissioner deems pertinent for the protection of the public. Each such bond shall contain the condition clause applicable when the principal buys on commission or as a dealer. A livestock dealer’s bond shall be executed on a form furnished by the commissioner or in accordance with the Packers and Stockyards Act, 1921, as amended (United States Code, title 7, section 181 et seq.).
When a bond is executed on a state form furnished by the commissioner, the bond shall be for the protection of both the buyer and the seller named in the transaction when the principal fails to pay when due for livestock purchased or sold for the principal’s own account or the account of others and shall be limited to the protection of claimants whose residence or principal place of livestock business is in the state of Minnesota at the time of the transaction. If the bond is filed on a form in accordance with the Packers and Stockyards Act, the bond shall cover claimants regardless of place of residence.