Virginia Code 3.2-4741: Execution, terms and form of bond; action on bond.
A. The bond shall be executed by the applicant as principal and by a surety company authorized and qualified to do business in the Commonwealth as surety. The applicant shall file on or before May 1 of each licensing year a copy of the bond with the Commissioner and the Commissioner shall be designated as the trustee of this bond. If the bond is not filed by the due date, and if the applicant notifies the Commissioner that the bond application is in process and furnishes the Commissioner a copy of the dated bond application, the Commissioner may grant a grace period of 15 working days for the applicant to file the bond without penalty. Any applicant who fails to file a bond by the 15th day of the grace period, shall be subject to all applicable late fees and penalties as stated in §§ 3.2-4739 and 3.2-4751 before a license will be issued.
Terms Used In Virginia Code 3.2-4741
- Agricultural produce: means fruits and vegetables. See Virginia Code 3.2-4738
- Bond: means a bond executed by a surety company licensed to do business in the Commonwealth. See Virginia Code 3.2-4738
- Commissioner: means the Commissioner of Agriculture and Consumer Services. See Virginia Code 3.2-100
- Dealer: means any person who buys, sells, solicits for sale, processes for sale or resale, resells, exchanges, negotiates, purchases or contracts for processing or transfers any agricultural produce of a producer. See Virginia Code 3.2-4738
- Fraud: Intentional deception resulting in injury to another.
- Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. Source: Federal Reserve
- Process: includes subpoenas, the summons and complaint in a civil action, and process in statutory actions. See Virginia Code 1-237
- Producer: means any person who produces agricultural produce in Virginia. See Virginia Code 3.2-4738
- Trustee: A person or institution holding and administering property in trust.
B. The bond shall be upon a form prescribed or approved by the Commissioner and shall be conditioned to secure the faithful accounting for payment to producers, agents or representatives, of all agricultural produce purchased, handled or sold by the dealer. Any producer claiming to be injured by the nonpayment, fraud, deceit or negligence of any dealer may bring action upon the bond against the principal, or the surety, or both in an appropriate court.