§ 106-605. Execution, terms and form of bond; action on bond. - North Carolina Statutes

§ 106‑605. Execution, terms and form of bond; action on bond.

(a)        Such bond shall be signed by the grain dealer and by acompany authorized to execute surety bonds in North Carolina and shall be madepayable to the State of North Carolina. The bond shall be conditioned on thegrain dealer's faithful performance of his duties as a grain dealer and hiscompliance with this Article, and shall be for the use and benefit of anyperson from whom the grain dealer has purchased grain and who has not been paidby the grain dealer. The bond shall be given for the period for which the graindealer's license is issued.

(b)        Any person claiming to be injured by nonpayment, fraud,deceit, negligence or other misconduct of a grain dealer may institute a suitor suits against said grain dealer and his sureties upon the bond in the nameof the State, without any assignment thereof. (1973, c. 665, s. 5; 1979, c. 589, s. 1.)