3.2-4767 - Execution and terms of bond; action. - Virginia Statutes

§ 3.2-4767. Execution and terms of bond; action.

Bonds required by § 3.2-4765 shall be executed by the applicant as principaland by a surety company authorized and qualified to do business in theCommonwealth as surety. The applicant shall file on or before July 1 of eachlicensing year a copy of the bond with the Commissioner, and the Commissionershall be designated as the trustee of this bond. The bond shall beconditioned upon compliance with the provisions of this article and uponprompt and accurate settlement with the consignor. Any consignor of cottonclaiming that a cotton handler has failed to comply with the provisions ofthis article or any regulations adopted hereunder, or has failed to settlepromptly and accurately with the consignor, may bring action upon the cottonhandler's bond against either the principal, or the surety, or both, in anappropriate court.

(2000, c. 584, § 3.1-722.35; 2008, c. 860.)