9 C.F.R. § 201.34

Termination of market agency, dealer and packer bonds

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(a) Each bond shall contain a provision requiring that, prior to terminating such bond, at least 30 days notice in writing shall be given to the Administrator, Agricultural Marketing Service (AMS), U.S. Department of Agriculture, Washington, DC 20250, by the party terminating the bond. Such provision may state that in the event the surety named therein writes a replacement bond for the same principal, the 30-day notice requirement may be waived and the bond will be terminated as of the effective date of the replacement bond.

(b) Each bond filed by a market agency who clears other registrants who are named in the bond shall contain a provision requiring that, prior to terminating the bond coverage of any clearee named therein, at least 30 days notice in writing shall be given to the Administrator, Agricultural Marketing Service (AMS), U.S. Department of Agriculture, Washington, DC 20250, by the surety. Such written notice shall be in the form of a rider or endorsement to be attached to the bond of the clearing agency.

(c) Each trust fund agreement and trust agreement shall contain a provision requiring that, prior to terminating such agreement, at least 30 days notice in writing shall be given to the Administrator, Agricultural Marketing Service, U.S. Department of Agriculture, Washington, DC 20250, by the party terminating the agreement. Such provision shall state that in the event the principal named therein files an acceptable bond or bond equivalent to replace the agreement, the 30-day notice requirement may be waived and the agreement will be terminated as of the effective date of the replacement bond or bond equivalent.

(Approved by the Office of Management and Budget under control number 0580-0015) [47 FR 32695, July 29, 1982, as amended at 54 FR 26349, June 23, 1989; 61 FR 36279, July 10, 1996; 68 FR 75388, Dec. 31, 2003; 84 FR 45647, Aug. 30, 2019]

Notes of Decisions

Cited in 2 cases, 1970–1992 · leading case: Am. Cas. Co. of Reading, Pennsylvania v. Thomas T. Irvin, as Tr., Etc., 426 F.2d 647 (5th Cir. 1970).

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Am. Cas. Co. of Reading, Pennsylvania v. Thomas T. Irvin, as Tr., Etc., 426 F.2d 647 (5th Cir. 1970). “” 9 C.F.R. § 201.34 (1969). H. F. Allen was a livestock dealer in Yidalia, Georgia.”

Cooper v. Am. Auto. Ins., 978 F.3d 602 (10th Cir. 1992). “That is to say, the bond provisions in question were approved (and in the case of notice to the Packers and Stockyards Administration, required, see 9 C.F.R. § 201.34 (1992)), by the Department of Agriculture.”

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