Missouri Laws 411.278 – Amount of bond, how computed
Current as of: 2024 | Check for updates
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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:
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| If the licensed capacity of the warehouse is: | The required bond is the greater of $20,000 or: | |
| Not over 200,000 bushels | $10,000 plus $0.25 per bushel of licensed capacity | |
| Over 200,000 but not over 1,000,000 | $60,000 plus $0.20 per bushel of excess over 200,000 bushels of licensed capacity | |
| Over 1,000,000 but not over 2,000,000 | $220,000 plus $0.15 per bushel of excess over 1,000,000 bushels of licensed capacity | |
| Over 2,000,000 but not over 3,000,000 | $370,000 plus $0.10 per bushel of excess over 2,000,000 bushels of licensed capacity | |
| Over 3,000,000 | $470,000 plus $0.05 per bushel of excess over 3,000,000 bushels of licensed capacity |
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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.
Terms Used In Missouri Laws 411.278
- Director: the director of the Missouri department of agriculture or his designated representative. See Missouri Laws 411.026
- following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
- Warehouse: any building, structure or other enclosure in which grain is or may be stored and through which grain is or may be handled or shipped. See Missouri Laws 411.026