40-15-10. Bond required to operate auction agency--Terms of bond--Approval--Amount--Violation as misdemeanor. No person may operate a livestock auction agency without first filing with the Animal Industry Board a corporate surety bond as required under the provisions of the Federal Packers and Stockyard Act, 1921, as amended to January 1, 2002, for livestock agencies selling on commission. The bond shall be filed with the Animal Industry Board and a certified copy thereof shall be filed with the chief of the Packers and Stockyards Division of the United States Department of Agriculture. The obligee of the bond is the Animal Industry Board with the executive secretary thereof as trustee, with full power and authority to consider claims and pay valid claims from bond proceeds, subject to applicable federal law. The bond shall be for the benefit of all persons sustaining loss which may be covered by the obligation of the bond. The bond shall be approved by the Animal Industry Board as to its sufficiency and by the attorney general as to form prior to filing. The amount of the bond may not be less than twenty thousand dollars. Any person who operates a livestock auction agency in violation of this section is guilty of a Class 1 misdemeanor.
Source: SDC 1939, § 40.2003; SL 1941, ch 167; SL 1947, ch 178; SL 1965, ch 170; SL 1977, ch 190, § 491; SL 1990, ch 325, § 246; SL 2002, ch 191, § 2.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
