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Section 411.278 Amount of bond, how computed.

MO Rev Stat § 411.278 (2019) (N/A)
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Effective 02 Apr 1997, see footnote

411.278. Amount of bond, how computed. — 1. The amount of the bond required by section 411.275 shall be based upon the licensed capacity of the warehouse, but in no event shall such bond be less than twenty thousand dollars, and shall be based upon the following table of rates:

2. Notwithstanding subsection 1 of this section, no bond required under section 411.275 shall exceed one million dollars; except, in the case of a deficiency in the net worth as set forth in section 411.280, the director may require additional bond as he shall deem necessary to provide security.

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(L. 1977 S.B. 75 § 4, A.L. 1997 H.B. 211)

Effective 4-02-97

Previous Section
Section 411.277 Certificates of deposit and letters of credit, provisions applicable to — letters of credit, submitted in lieu of bond, when, refusal of director to accept, grounds, demand by director, procedure, failure by bank to pay, when, penalty, funds returned to bank, when — rules and regulations.
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Section 411.280 Warehouseman's net worth, requirements — deficiency, how corrected.