Browse Arkansas Code titles and sections
2-17-210. Amount of bond.
Arkansas Code — all titles (historical 2020) · legal_authorities
2-17-210. Amount of bond.
(a)(1) The amount of bond to be furnished for each public grain warehouse shall be fixed at a rate of:
(A) Twenty cents (20¢) per bushel for the first one million (1,000,000) bushels of licensed capacity;
(B) Fifteen cents (15¢) per bushel for the next one million (1,000,000) bushels of licensed capacity; and
(C) Ten cents (10¢) per bushel for all licensed capacity over two million (2,000,000) bushels.
(2) In no case shall the amount of the bond be less than twenty thousand dollars ($20,000), except as prescribed in subsections (c) and (d) of this section.
(3) The licensed capacity shall be equal to the maximum number of bushels of grain that the public grain warehouse can accommodate for storage.
(b)(1)(A) A public grain warehouseman who is licensed or is applying for licenses to operate two (2) or more public grain warehouses may furnish a single bond. This bond shall meet the requirements of this subchapter to cover all public grain warehouses within the state.
(B) In these cases, all public grain warehouses to be covered by the bond shall be deemed to be one (1) warehouse for purposes of determining the amount of bond required under subsection (a) of this section.
(2) The aggregate licensed capacity of all the warehouses shall be used in determining the amount of the bond.
(c)(1) Any deficiency in the net assets required by § 2-17-217 shall be supplied by an increase in the amount of the warehouseman's bond.
(2) In any other case in which the Public Grain Warehouse Commissioner finds that conditions exist which warrant requiring additional bond, there shall be added to the amount of the bond such further amount as determined to be reasonable by the commissioner.
(d)(1) The commissioner may make exceptions to the bond
Source: Arkansas Code — historical release 78 (November 6, 2020) · 2-17-210
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
Issuing source page ↗
Authority boundary: historical statutory source snapshot not current law.
Open the recorded source website ↗
Record provenance
Stable record: arkansas_code:legal_authorities:2-17-210
Source file: gov.ar.code.title.02.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 87ec7b01fc11905f6560e5377ffb1f0d47b14eb2a06885a893f6f618ac754ebb
Source location: content.xml paragraph 4094
Stored source content
2-17-210. Amount of bond.
(a)(1) The amount of bond to be furnished for each public grain warehouse shall be fixed at a rate of:
(A) Twenty cents (20¢) per bushel for the first one million (1,000,000) bushels of licensed capacity;
(B) Fifteen cents (15¢) per bushel for the next one million (1,000,000) bushels of licensed capacity; and
(C) Ten cents (10¢) per bushel for all licensed capacity over two million (2,000,000) bushels.
(2) In no case shall the amount of the bond be less than twenty thousand dollars ($20,000), except as prescribed in subsections (c) and (d) of this section.
(3) The licensed capacity shall be equal to the maximum number of bushels of grain that the public grain warehouse can accommodate for storage.
(b)(1)(A) A public grain warehouseman who is licensed or is applying for licenses to operate two (2) or more public grain warehouses may furnish a single bond. This bond shall meet the requirements of this subchapter to cover all public grain warehouses within the state.
(B) In these cases, all public grain warehouses to be covered by the bond shall be deemed to be one (1) warehouse for purposes of determining the amount of bond required under subsection (a) of this section.
(2) The aggregate licensed capacity of all the warehouses shall be used in determining the amount of the bond.
(c)(1) Any deficiency in the net assets required by § 2-17-217 shall be supplied by an increase in the amount of the warehouseman's bond.
(2) In any other case in which the Public Grain Warehouse Commissioner finds that conditions exist which warrant requiring additional bond, there shall be added to the amount of the bond such further amount as determined to be reasonable by the commissioner.
(d)(1) The commissioner may make exceptions to the bonding requirements of this section for good cause shown upon a finding that the requirements would substantially impair the warehouseman's ability to continue operations as a public grain warehouse and that the exception will not materially affect the protection of storage receipt holders under this subchapter.
(2) The exceptions must be reviewed at least annually.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Arkansas Code — all titles (historical 2020) · legal_authorities
2-17-217. Net assets required.
(a)(1) Above all exemptions and liabilities, each public grain warehouseman shall have and maintain total net assets available for the payment of any indebtedness arising from the conduct of the public grain warehouse in an amount equal to at least ten cents (10¢) multiplied by the maximum number of bushels of grain for which the public grain warehouse is licensed.
(2)(A) No person may be licensed as a public grain warehouseman unless he or she has available net assets of at least ten thousand dollars ($10,000).
(B) Any deficiency in net assets required above the minimum of ten thousand dollars ($10,000) may, at the discretion of the Public Grain Warehouse Commissioner, be supplied by a commensurate increase in the amount of the public grain warehouseman's bond.
(C)(i) In determining total available net assets, credit may be given for insurable assets such as buildings, machinery, equipment, and merchandise inventory only to the extent of the current market value of the assets and only to the extent that the assets are protected by insurance against loss or damage.
(ii) The insurance shall be in the form of lawful policies issued by one (1) or more insurance companies authorized to do business and subject to service of process in suits brought in this state, and which provide that no cancellation shall be effective unless thirty (30) days' advance notice of the cancellation is given to the commissioner.
(b) If a public grain warehouseman is licensed or is applying for license to operate two (2) or more public grain warehouses, the maximum total number of bushels which all the facilities will accommodate when stored in the manner customary to the warehouses, as determined by the commissioner, shall be considered in determining w
Source: Arkansas Code — historical release 78 (November 6, 2020) · 2-17-217
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 2-17-217. This identifies an authority to review, not proof of applicability.