agricultural packers bonds

What You Need To Know Agricultural Packers Bond

Livestock Market Agencies, Dealers and Packers are required by the United States Division of Agriculture (USDA) Grain Inspection, Packers and Stockyards Administration’s Packard and Stockyards Program to file a Livestock Market Companies, Sellers and Packers Bond beneath the Packers and Stockyards Act of 1921 as amended. A blanket bond could be secured in lieu of particular person bonds for businesses under the identical ownership.

A market agency” is any particular person engaged within the business of (1) buying or selling in commerce livestock on a commission basis or (2) furnishing stockyard companies.” Id. at § 201(c). Stockyard services” are providers or facilities furnished at a stockyard in reference to the receiving, buying, or selling on a commission foundation or in any other case, advertising and marketing, feeding, watering, holding, supply, shipment, weighing, or dealing with in commerce, of livestock.” Id. at § 201(b).

Agricultural Packers Bond, An In Depth Look

Our attorneys come from agricultural backgrounds with fingers-on expertise in the discipline. When you’ve got any questions or considerations, we’re right here to help. Just name us at (877) 514-5146. Lance Surety Bonds’ specialists will assist you along with your application or bonding queries.

Packers & Livestock Bonds, or Packers & Stockyard Bond Companies and dealers must present and preserve a surety bond as a measure of safety for livestock sellers towards non-cost. The size of the bond is based on the quantity of business, usually an average two days’ business with a minimum of $10,000 bond. Packers whose annual livestock purchases exceed $500,000 are additionally required to be bonded.

Purchases of livestock by operators of eating places, grocery stores, meat processing crops and slaughtering vegetation for processing and sale in reference to the business. The overall number of livestock purchased can’t exceed 20 head in anyone week.

Packers And Stockyards Act Bond

After posting adequate bond, filing a present monetary statement and passing primary exams of economic duty, sellers and public sale markets are granted a license. 1. Application for Livestock Seller’s License form (SFN 10202) is listed beneath. Please make certain all questions are answered and your signature is NOTARIZED. If the appliance is incomplete, will probably be returned.

604.17 License required.—It shall be unlawful for any dealer in agricultural products who comes inside the phrases of this regulation to interact in such enterprise on this state with no state license issued by the department.

All About Agricultural Packers Bond

After posting adequate bond, filing a present financial assertion and passing basic assessments of financial responsibility, sellers and public sale markets are granted a license. In an effort to facilitate the gathering and collation of information of the sources of the State on all traces, the heads of the a number of departments of the State authorities and of the State establishments shall furnish precisely such info as could also be at their command to the Commissioner when referred to as upon for it.