277.080. Bond--letter of credit or other financial security required--form--refusal by director, when, powers of director.

MISSOURI STATUTES AND CODES

277.080. Bond--letter of credit or other financial security required--form--refusal by director, when, powers of director.

Bond--letter of credit or other financial securityrequired--form--refusal by director, when, powers of director.

277.080. 1. Every person subject to the provisions of thischapter shall, before receiving a license, provide a satisfactorybond in an amount designated by the state veterinarian.

2. Notwithstanding the provisions of subsection 1 of thissection, a licensee may substitute in lieu of any bond requiredtherein a certificate of deposit issued by an institution insuredby the federal deposit insurance corporation or the federalsavings and loan insurance corporation or a bank irrevocableletter of credit, or any combination thereof, or any instrumentof financial security approved and authorized by the Packers andStockyards Administration of the United States Department ofAgriculture. Letters of credit shall name the director of thedepartment of agriculture or his designated representative asbeneficiary, and be submitted in a form established by rule orregulation. The director of the department of agriculture or hisdesignated representative may refuse to accept a letter of creditin lieu of the bond required by this chapter if the directorfinds that the issuing bank is or may become insolvent, or forany other reason may be unable to honor the terms of the letterof credit. The director may require an issuing bank to submitevidence of its financial condition, and the director may seekthe cooperation of the division of finance in evaluating thefinancial condition of an issuing bank. In the event that thelicensee entered into a trust fund agreement, the beneficiary ofa letter of credit or the pledgee of a certificate of depositshall be in accordance with the federal Packers and StockyardsAdministration Act. In any situation wherein a trust agreementis entered into, the state veterinarian shall be the trustee on aletter of credit.