(a) Every market agency, packer, and dealer, except as provided in paragraph (d) of this section, and except packer buyers registered as dealers to purchase livestock for slaughter only, shall execute and maintain a reasonable bond on forms approved by the Administrator containing the appropriate condition clauses, as set forth in § 201.31 of the regulations, applicable to the activity or activities in which the person or persons propose to engage, to secure the performance of obligations incurred by such market agency, packer, or dealer. No market agency, packer, or dealer required to maintain a bond shall conduct his operations unless there is on file and in effect a bond complying with the regulations in this part.
(b) Every market agency buying on a commission basis and every dealer buying for his own account or for the accounts of others shall file and maintain a bond. If a registrant operates as both a market agency buying on a commission basis and as a dealer, only one bond to cover both buying operations need be filed. Any person operating as a market agency selling on a commission basis and as a market agency buying on a commission basis or as a dealer shall file and maintain separate bonds to cover his selling and buying operations.
(c) Each market agency and dealer whose buying operations are cleared by another market agency shall be named as clearee in the bond filed and maintained by the market agency registered to provide clearing services. Each market agency selling livestock on a commission basis shall file and maintain its own bond.
(d) Every packer purchasing livestock, directly or through an affiliate or employee or a wholly-owned subsidiary, except those packers whose annual purchases do not exceed $500,000, shall file and maintain a reasonable bond. In the event a packer maintains a wholly-owned subsidiary or affiliate to conduct its livestock buying, the wholly-owned subsidiary or affiliate shall be registered as a packer buyer for its parent packer firm, and the required bond shall be maintained by the parent packer firm.
(7 U.S.C. 204, 228(a))
[48 FR 8806, Mar. 2, 1983]
Notes of Decisions
Cook v. Hartford Accident & Indem. Co., 657 F. Supp. 762 (D. Neb. 1987).
· cites it 4× “See 9 C.F.R. 201.29. The Corrigan bond, number 4154636, a copy of which is appended to this Memorandum, was issued by the defendant Hartford Accident and Indemnity Company, as surety, in the amount of $110,000.”
United States v. Joey Haun, 124 F.3d 745 (6th Cir. 1997).
“§ 204 ; see 9 C.F.R. § 201.29 (a), (b) (requiring every dealer or market agency to execute and maintain a reasonable bond; prohibiting any dealer or market agency from operating without having on file and in effect a bond in compliance with regulations).”
Baugh v. Matheson (In Re Matheson), 10 B.R. 652 (Bankr. S.D. Ala. 1981).
“§ 204 and 9 CFR 201.29 the Debtors obtained bonding from Aetna Casualty and Surety Company (Aet-na).”
Am. Mfg. Mut. Ins. v. Tison Hog Mkt., Inc., 182 F.3d 1284 (11th Cir. 1999).
“§ 204 ; 9 C.F.R. § 201.29 . The PSA’s bonding requirement was designed “to safeguard the farmers and ranchers who produce cattle against the losses they would suffer if they sold their livestock to insolvent or defaulting purchasers.”
United States Fid. & Guar. Co. v. Clover Creek Cattle Co., 452 P.2d 993 (Idaho 1969).
“§ 223 makes an agent-dealer liable equally with bis principal-packer, but we view that section as merely a restatement in the contest of the act the rule that a principal is liable for the acts of his agent.”
Cobb v. Yeutter, 889 F.2d 724 (6th Cir. 1989).
· cites it 2× “§ 213 and 9 C.F.R. §§ 201.29 , 201.30; and shortfalls in the custodial account Cobb was required to keep on behalf of shippers who consigned livestock to Cobb for sale at auction.”
United States Fid. & Guar. Co. v. Quinn Bros. of Jackson, Inc., 384 F.2d 241 (5th Cir. 1967).
“9 C.F.R. § 201.29 . 8 . “Now, therefore, the condition of this bond is such that: “If the said Principal, acting in the capacity of broker or clearing agency, and thereby being responsible for the financial obligations of other registrants, viz: NORMAN GIBSON * * * * * shall (1)…”
Cooper v. Am. Auto. Ins., 978 F.3d 602 (10th Cir. 1992).
“Manley Cattle Company, 553 F.2d 943 , 945 (5th Cir.1977). The Secretary has required all market agencies, packers, and dealers to maintain bonds “on forms approved by the Administrator.”
Smeed v. Carpenter, 274 F.2d 414 (9th Cir. 1960).
“29, 9 C.F.R. § 201.29 . Appellee Carpenter was at all relevant times such a dealer and posted the required bond in the sum of $8,000 with appellee National Surety Company as surety.”
— 9 C.F.R. § 201.29(b) — 1 case
Cook v. Hartford Accident & Indem. Co., 657 F. Supp. 762 (D. Neb. 1987).
“See 9 C.F.R. 201.29. The Corrigan bond, number 4154636, a copy of which is appended to this Memorandum, was issued by the defendant Hartford Accident and Indemnity Company, as surety, in the amount of $110,000.”
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