Texas Agriculture Code 14.035 – Cancellation of Certificate of Deposit or Cash
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(a) A warehouse operator may not repossess a certificate of deposit or cash approved by and deposited with the department in lieu of a bond unless:
(1) the department gives written approval of a substitute bond or letter of credit; and
(2) at least two years have passed after the expiration of the last licensing period during which the certificate of deposit or cash was deposited with the department in lieu of a bond.
(b) Notwithstanding any other provision of this chapter, the department may not release a certificate of deposit or cash deposited with the department while a claim filed within the applicable limitations period established under § 14.065 is pending before the department or a court.
Terms Used In Texas Agriculture Code 14.035
- Department: means the Department of Agriculture. See Texas Agriculture Code 1.003
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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.
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
(c) A warehouse operator may, on written request to the department, recover cash or a certificate of deposit from the department before the expiration of the two-year period specified in Subsection (a)(2) if:
(1) the department performs a closeout inspection;
(2) the department determines on the best available evidence that no outstanding obligations exist at the time of the closeout inspection;
(3) the warehouse operator submits with the written request a bond:
(A) in an amount equal to six cents per bushel for 50 percent of the total storage capacity of the facility or combination covered by the cash or certificate of deposit the warehouse operator is attempting to recover; and
(B) covering any failure of obligation that may have occurred during all licensing periods covered by the cash or certificate of deposit the warehouse operator is attempting to recover; and
(4) at least 30 days have passed since the closeout inspection.
(d) A claim against the bond required by Subsection (c) must be filed with the department or in a court of competent jurisdiction not later than the second anniversary of the date of the closeout inspection.