North Dakota Code 4.1-57-04 – Application for license – Required security
Current as of: 2023 | Check for updates
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1. As a condition of licensure, the seed commissioner shall require an applicant to file:
Terms Used In North Dakota Code 4.1-57-04
- Commissioner: means the agriculture commissioner or the designee or authorized representative of the commissioner. See North Dakota Code 4.1-01-01
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
a. A cash bond or a surety bond, in an amount and form determined by the seed commissioner; or
b. An irrevocable letter of credit.
2. The security required by the seed commissioner under subsection 1 is for the benefit of potato producers in this state and must be conditioned for the payment of any financial obligation owed by a wholesale potato dealer to a potato producer in this state.