§114. Petition and bond

The petition referred to in R.S. 54:113 shall state the location and name of the warehouse or warehouses and the name of each person interested as owner or principal in the management thereof, individually or as a member of the firm, or, if the warehouse is owned or managed by a corporation, the names of the president, the secretary, and the treasurer of the corporation.

The person petitioning for the certificate shall also file with the clerk:

(1) A bond for five thousand dollars, or

(2) In the case of a warehouse situated in a municipality having a population of fifty thousand or more, a bond for twenty-five thousand dollars, or

(3) Where a bond is or has been furnished by any person in any one parish or municipality in the sum of twenty-five thousand dollars and has not expired, a copy thereof, certified by the clerk of the court where the original bond is filed, may be filed in lieu of the bonds provided for in paragraphs (1) and (2) above, and no further bond need be furnished to qualify in any other parish or municipality.

These bonds shall be penal bonds with security in favor of the state and shall be approved by the court. They shall be conditioned for the faithful performance by the person receiving the certificate of his duty as a public warehouseman and for his full compliance with all laws of the state relating to that business. The bond shall be renewed every two years after the date of its approval. After the expiration of the date on which the bond should be renewed, if the bond has not been renewed, the surety on it is not liable except for acts committed during the existence of the bond and prior to the date on which it should have been renewed.