Such bond shall be made payable to the State of Alabama as obligee, with the commissioner as trustee, and shall be conditioned on the grain dealer and his compliance with this article, and shall be for the use and benefit of the producer from whom the grain dealer may purchase grain and who is not paid by such grain dealer, and shall not be cancelled during the period for which the license is issued, except upon at least 60 days notice in writing to the commissioner. In no such event shall the total aggregate liability of surety exceed the face amount of its bond.
In lieu of the above bond requirements a grain dealer may file and maintain a bond equivalent in the form of a trust fund agreement based upon cash, or fully negotiable bonds of the United States government or of the State of Alabama. All other provisions of the above bond requirements shall be applicable to trust fund agreements.
Structure Code of Alabama
Section 2-31-2 - Applicability of This Article.
Section 2-31-3 - License Required; Renewal; Fees.
Section 2-31-4 - Surety Bond; Requirements; Waiver of Bond Requirements.
Section 2-31-7 - Suspension or Revocation of License.
Section 2-31-8 - Action by Commissioner Upon Default.
Section 2-31-9 - Issuance or Renewal of License by Commissioner; Posting of License and Certificate.
Section 2-31-11 - Refusal, Suspension or Revocation of License - Written Notice.
Section 2-31-12 - Refusal, Suspension or Revocation of License - Contesting; Hearing.
Section 2-31-13 - Refusal, Suspension or Revocation of License - Procedure; Hearings.
Section 2-31-15 - Judicial Review of Ruling of Commissioner; Appeal From Circuit Court.
Section 2-31-16 - Rules and Regulations.