1.    As a condition of licensure, the applicant shall post a bond with the agriculture commissioner. The bond must be:

Terms Used In North Dakota Code 4.1-83-05

  • Commissioner: means the agriculture commissioner or the designee or authorized representative of the commissioner. See North Dakota Code 4.1-01-01
  • 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.
  • Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49

a.    A surety bond; b.    A cash bond; or

c.    An irrevocable letter of credit.

2.    The agriculture commissioner must be named as the obligee.

3.    The bond required by this section must be:

a.    In an amount and form required by this chapter; b.    Applicable to the period during which the livestock dealer’s license is in effect; c.    For the benefit of any person selling livestock to the livestock dealer or the dealer’s agent; and

d.    Conditioned for the payment of any financial obligation owed by a livestock dealer to another person in conjunction with the sale of livestock.

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