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2-17-226. Duty of warehouseman to deliver grain.
Arkansas Code — all titles (historical 2020) · legal_authorities
2-17-226. Duty of warehouseman to deliver grain.
(a)(1) It shall be the duty of the public grain warehouseman to deliver grain to the holder of a warehouse receipt within ten (10) days of the demand for the redemption of the receipt if no lawful excuse for not delivering the grain exists.
(2)(A) In the event the public grain warehouseman fails to deliver grain to the holder of a warehouse receipt within ten (10) days of the demand, the holder of the warehouse receipt may make demand of the surety for payment under the bond.
(B)(i) The surety has the responsibility to pay within fifteen (15) days following receipt by the surety of the notice of the demand for redemption.
(ii) Any holder of a warehouse receipt issued by a public grain warehouseman who had made demand for redemption of the receipt, which demand was, without lawful excuse, not satisfied within ten (10) days, shall notify the Public Grain Warehouse Commissioner in writing. The holder of the receipt shall have the right to bring action against the public grain warehouseman and the surety on the public grain warehouseman's bond for payment of the market value of the grain represented by the warehouse receipt. The market value shall be determined as of the date of the demand, plus legal interest accrued from the date of the demand.
(3)(A) In the event the public grain warehouseman is a self-insurer as provided in § 2-17-209, the holder of a warehouse receipt shall have the right to bring action against the public grain warehouseman to the extent of the amount posted in lieu of the bond.
(B)(i) The commissioner shall pay to the holder of the warehouse receipt, to the extent of the bond posted, any judgment obtained by the holder of a warehouse receipt against a self-insurer.
(ii) The commissioner m
Source: Arkansas Code — historical release 78 (November 6, 2020) · 2-17-226
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.
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Stable record: arkansas_code:legal_authorities:2-17-226
Source file: gov.ar.code.title.02.odt
Pages: Not recorded – Not recorded
Passage SHA-256: f5bd6e54edc06f8958155c5df3beabd8faf63ec8c21d5bd78cafa977eb1e5548
Source location: content.xml paragraph 4239
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2-17-226. Duty of warehouseman to deliver grain.
(a)(1) It shall be the duty of the public grain warehouseman to deliver grain to the holder of a warehouse receipt within ten (10) days of the demand for the redemption of the receipt if no lawful excuse for not delivering the grain exists.
(2)(A) In the event the public grain warehouseman fails to deliver grain to the holder of a warehouse receipt within ten (10) days of the demand, the holder of the warehouse receipt may make demand of the surety for payment under the bond.
(B)(i) The surety has the responsibility to pay within fifteen (15) days following receipt by the surety of the notice of the demand for redemption.
(ii) Any holder of a warehouse receipt issued by a public grain warehouseman who had made demand for redemption of the receipt, which demand was, without lawful excuse, not satisfied within ten (10) days, shall notify the Public Grain Warehouse Commissioner in writing. The holder of the receipt shall have the right to bring action against the public grain warehouseman and the surety on the public grain warehouseman's bond for payment of the market value of the grain represented by the warehouse receipt. The market value shall be determined as of the date of the demand, plus legal interest accrued from the date of the demand.
(3)(A) In the event the public grain warehouseman is a self-insurer as provided in § 2-17-209, the holder of a warehouse receipt shall have the right to bring action against the public grain warehouseman to the extent of the amount posted in lieu of the bond.
(B)(i) The commissioner shall pay to the holder of the warehouse receipt, to the extent of the bond posted, any judgment obtained by the holder of a warehouse receipt against a self-insurer.
(ii) The commissioner may also pay to the holder of a warehouse receipt the amount of the market value of the grain if the public grain warehouseman agrees to the payment.
(4) The license of the public grain warehouseman shall be suspended upon the payment until such time as the warehouseman posts a bond under this subchapter or posts with the commissioner a sum equivalent to that paid by the commissioner on behalf of the warehouseman.
(b)(1) In all actions in which judgment is rendered against any surety company under the provisions of this section, if it appears from evidence that the surety company has willfully and without just cause refused to pay the loss upon demand, the court, in rendering judgment, shall allow the plaintiff the amount of the plaintiff's expenses, including court costs and attorney's fees, to be recovered and collected as part of the costs.
(2) The amount of any payment of costs and attorney's fees under this subsection will not reduce the surety's liability on its bond.
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Arkansas Code — all titles (historical 2020) · legal_authorities
2-17-209. Bond requirements.
(a)(1)(A)(i) Before any license is issued to any warehouseman, the warehouseman shall file with the Public Grain Warehouse Commissioner a surety bond executed by the public grain warehouseman as principal and by a corporate surety licensed to do business in this state as surety.
(ii) The bond shall run to the State of Arkansas and be for the benefit of all depositors or storers of grain, their legal representatives, attorneys, or assigns.
(B)(i) No bond shall be accepted for the purposes of this subchapter until it has been approved by the commissioner.
(ii) The bond shall be conditioned upon the warehouseman delivering all stored grain or payment of the value thereof upon the surrender of the warehouse receipt.
(iii) The commissioner may require the increases in the amount of the bond, from time to time, as he or she may deem necessary for the protection of the storage receipt holders.
(2)(A) The aggregate liability of the surety to all depositors or storers of grain shall not exceed the sum of the bond.
(B) The bond may be cancelled at any time by the surety by giving written notice to the commissioner of its intention to cancel the bond. All liability thereunder shall terminate thirty (30) days after the receipt of the notice by the commissioner, except that the notice shall not affect any claims arising under the bond, whether presented or not, before the effective date of the cancellation notice.
(b) In lieu of the bond required in subsection (a) of this section, an applicant for a license may be a self-insurer by posting with the commissioner cash or any combination of securities, the market value of which is readily ascertainable and, if negotiable, by delivery or assignment, of the kinds described in § 23-63-806, Unit
Source: Arkansas Code — historical release 78 (November 6, 2020) · 2-17-209
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 2-17-209. This identifies an authority to review, not proof of applicability.