North Dakota Code 4.1-83-05 – Application for license – Posting of bond
Current as of: 2023 | Check for updates
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1. As a condition of licensure, the applicant shall post a bond with the agriculture commissioner. The bond must be:
Terms Used In North Dakota Code 4.1-83-05
- 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.
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
a. A surety bond; b. A cash bond; or
c. An irrevocable letter of credit.
2. The agriculture commissioner must be named as the obligee.
3. The bond required by this section must be:
a. In an amount and form required by this chapter; b. Applicable to the period during which the livestock dealer’s license is in effect; c. For the benefit of any person selling livestock to the livestock dealer or the dealer’s agent; and
d. Conditioned for the payment of any financial obligation owed by a livestock dealer to another person in conjunction with the sale of livestock.