1. The director, after a hearing held in accordance with this chapter and regulations promulgated hereunder, may make a determination that the warehouseman has failed, or is unable, to meet storage or dollar obligations, and thus an additional bond is essential to adequately protect the warehouseman’s depositors. Upon such a determination, the director shall require to be filed, within a reasonable period, as determined by the director, an additional bond in such amount as the director deems to be necessary to assure protection to the warehouseman’s depositors.

2. The amount of the additional bond required under this section shall not exceed the amount necessary to fulfill the storage and dollar obligation which the warehouseman has failed or is unable to meet.

Terms Used In Missouri Laws 411.281

  • Director: the director of the Missouri department of agriculture or his designated representative. See Missouri Laws 411.026
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • warehouseman: any person who owns, controls, operates or manages any warehouse whether such owner resides within the state or not. See Missouri Laws 411.026
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