9 C.F.R. § 201.32
Trustee in market agency, dealer and packer bonds
Bonds may be in favor of a trustee who shall be a financially responsible, disinterested person satisfactory to the Administrator. State officials, secretaries or other officers of livestock exchanges or of similar trade associations, attorneys at law, banks and trust companies, or their officers, are deemed suitable trustees. If a trustee is not designated in the bond and action is taken to recover damages for breach of any condition thereof, the Administrator shall designate a person to act as trustee. In those States in which a State official is required by statute to act or has agreed to act as trustee, such official shall be designated by the Administrator as trustee when a designation by the Administrator becomes necessary.
Notes of Decisions
Cited in 2
cases, 1985–1991 · leading case: Lich v. Cornhusker Cas. Co., 774 F. Supp. 1216 (D. Neb. 1991).
Lich v. Cornhusker Cas. Co., 774 F. Supp. 1216 (D. Neb. 1991). “Lich was duly appointed, pursuant to 9 C.F.R. § 201.32 , to serve as Trustee on behalf of all the unpaid livestock sellers and creditors.”
Werries v. Fid. & Cas. Co. of New York, 619 F. Supp. 1085 (C.D. Ill. 1985). “33 and that the claims were filed with a federal agency, the Packers and Stockyards Administration; section 210(b) of Title 7, and 9 C.F.R. § 201.32 expressly authorizes the states to act exactly as the Illinois Legislature has done in promulgating the “surety bond” statute.”
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