No warehouseman shall issue negotiable warehouse receipts until he has filed, with the county clerk, a surety company bond in the sum of five thousand dollars ($5,000), payable to the state, and approved by the district attorney of the judicial district within which is located the office of the county clerk, to secure the faithful performance of the warehouseman's obligation under the provisions of Sections 56-6-1 through 56-6-11 New Mexico Statutes Annotated, 1978 Compilation, and under the Uniform Commercial Code, Article 7 [55-7-101 to 55-7-807 NMSA 1978], and of such additional obligations, as a warehouseman, assumed by him under contracts with the depositors of agricultural products in the warehouse. The license shall terminate upon the expiration of the surety bond unless a new bond is filed with the county clerk not less than ten days prior to the expiration date.

History: Laws 1941, ch. 145, § 3; 1941 Comp., § 53-903; 1953 Comp., § 50-9-3; Laws 1961, ch. 96, § 11-111.

Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.

Cross references. — For county clerks, see N.M. Const., art. VI, § 22 and Chapter 4, Article 40 NMSA 1978.

For district attorneys, see N.M. Const., art. VI, § 24 and Chapter 36, Article 1 NMSA 1978.

For surety companies, see Chapter 46, Article 6 NMSA 1978.

Bond required for each county with warehouse. — A bond must be filed by warehouse companies which issue negotiable warehouse receipts in each county in which warehouses are located. 1941 Op. Att'y Gen. No. 41-3897.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 78 Am. Jur. 2d Warehouses §§ 127 to 137.

93 C.J.S. Warehousemen and Safe Depositaries §§ 15 to 28.