Nevada Revised Statutes 573.033 – Details and amount of bond; liability of surety
1. Except as otherwise provided in NRS 573.025, if an applicant delivers a surety bond to the Director pursuant to the provisions of NRS 573.025 or subsection 1 of NRS 573.030, the surety bond must be:
Terms Used In Nevada Revised Statutes 573.033
- Annual sale of livestock: means any sale of livestock:
(a) To which any member of the public may consign livestock for sale or exchange through public bidding at the sale of the livestock; and
(b) Which is conducted for not more than 2 consecutive days during a calendar year. See Nevada Revised Statutes 573.010
- Consignor: means any person consigning, shipping or delivering livestock to a public livestock auction for sale, resale or exchange. See Nevada Revised Statutes 573.010
- Department: means the State Department of Agriculture. See Nevada Revised Statutes 573.010
- Director: means the Director of the Department. See Nevada Revised Statutes 573.010
- Livestock: means :
(a) Cattle, sheep, goats, horses, mules, asses, burros, swine or poultry; and
(b) Alternative livestock as defined in Nevada Revised Statutes 573.010
- Public livestock auction: means any sale or exchange of livestock held by any person at an established place of business or premises where the livestock is assembled for sale or exchange, and is exchanged or sold at auction or upon a commission basis at regular or irregular intervals. See Nevada Revised Statutes 573.010
(a) In the amount of $200,000 or the amount of bond coverage calculated for a market agency pursuant to 9 C.F.R. § 201.30(a), whichever is greater.
(b) Executed by the applicant as principal and by a surety company qualified and authorized to do business in this state as surety.
(c) A standard form and approved by the Director as to terms and conditions.
(d) Conditioned that the principal will not commit any fraudulent act and will comply with the provisions of this chapter and the rules and regulations adopted by the Department.
(e) To the State of Nevada in favor of every consignor creditor whose livestock was handled or sold through or at the licensee’s public livestock auction or annual sale of livestock, as applicable.
2. The total and aggregate liability of the surety for all claims upon the bond must be limited to the face amount of the bond.