When the commissioner has determined that a grain dealer has defaulted in payment for grain which he has purchased, the commissioner shall determine through appropriate procedures the producers and the amount of defaulted payment and as trustee of the bond shall immediately after such determination to those who should receive the benefits. Should the defaulted amount be less than the principal amount of the bond or bonds then the surety shall be obligated to pay only the amount of the default.
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.