Source: https://www.law.cornell.edu/uscode/text/7/245
Timestamp: 2017-09-23 20:19:21
Document Index: 561885099

Matched Legal Cases: ['§ 245', '§ 245', '§ 245', '§\u202f245', '§\u202f6', '§\u202f201', '§\u202f5', 'art 735']

7 U.S. Code § 245 - Bonding and other financial assurance requirements | US Law | LII / Legal Information Institute
U.S. Code › Title 7 › Chapter 10 › § 245
7 U.S. Code § 245 - Bonding and other financial assurance requirements
§ 245.
Bonding and other financial assurance requirements
As a condition of receiving a license or approval under this chapter (including regulations promulgated under this chapter), the person applying for the license or approval shall execute and file with the Secretary a bond, or provide such other financial assurance as the Secretary determines appropriate, to secure the person’s performance of the activities so licensed or approved.
To qualify as a suitable bond or other financial assurance under subsection (a), the surety, sureties, or financial institution shall be subject to service of process in suits on the bond or other financial assurance in the State, district, or territory in which the warehouse is located.
(c) Additional assurances
If the Secretary determines that a previously approved bond or other financial assurance is insufficient, the Secretary may suspend or revoke the license or approval covered by the bond or other financial assurance if the person that filed the bond or other financial assurance does not provide such additional bond or other financial assurance as the Secretary determines appropriate.
(d) Third party actions
Any person injured by the breach of any obligation arising under this chapter for which a bond or other financial assurance has been obtained as required by this section may sue with respect to the bond or other financial assurance in a district court of the United States to recover the damages that the person sustained as a result of the breach.
(Aug. 11, 1916, ch. 313, pt. C, § 6, as added Pub. L. 106–472, title II, § 201, Nov. 9, 2000, 114 Stat. 2064.)
A prior section 245, actsAug. 11, 1916, ch. 313, pt. C, § 5, 39 Stat. 486; Feb. 23, 1923, ch. 106, 42 Stat. 1282, related to term and renewal of license, prior to the general amendment of this chapter by Pub. L. 106–472.
A prior section 6 of act Aug. 11, 1916, ch. 313, pt. C, was classified to section 247 of this title, prior to the general amendment of this chapter by Pub. L. 106–472.
7 CFR Part 735 - REGULATIONS FOR THE UNITED STATES WAREHOUSE ACT