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7 U.S.C. § 245 — Bonding and other financial assurance requirements

Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 245 — Bonding and other financial assurance requirements

**(a) In general** As a condition of receiving a license or approval under this chapter (including regulations promulgated under this chapter), the person applying for the license or approval shall execute and file with the Secretary a bond, or provide such other financial assurance as the Secretary determines appropriate, to secure the person’s performance of the activities so licensed or approved. **(b) Service of process** To qualify as a suitable bond or other financial assurance under subsection (a), the surety, sureties, or financial institution shall be subject to service of process in suits on the bond or other financial assurance in the State, district, or territory in which the warehouse is located. **(c) Additional assurances** If the Secretary determines that a previously approved bond or other financial assurance is insufficient, the Secretary may suspend or revoke the license or approval covered by the bond or other financial assurance if the person that filed the bond or other financial assurance does not provide such additional bond or other financial assurance as the Secretary determines appropriate. **(d) Third party actions** Any person injured by the breach of any obligation arising under this chapter for which a bond or other financial assurance has been obtained as required by this section may sue with respect to the bond or other financial assurance in a district court of the United States to recover the damages that the person sustained as a result of the breach.

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Source file: Laws/federal/codes/united-states-code/title-7/section-245-bonding-and-other-financial-assurance-requirements--8c02277581.md
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Source location: Title 7, Chapter 10, § 245; chapter-010-warehouses.md

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 247 — Fair treatment in storage of agricultural products

**(a) In general** Subject to the capacity of a warehouse, a warehouse operator shall deal, in a fair and reasonable manner, with persons storing, or seeking to store, an agricultural product in the warehouse if the agricultural product— (1) is of the kind, type, and quality customarily stored or handled in the area in which the warehouse is located; (2) is tendered to the warehouse operator in a suitable condition for warehousing; and (3) is tendered in a manner that is consistent with the ordinary and usual course of business. **(b) Allocation** Nothing in this section prohibits a warehouse operator from entering into an agreement with a depositor of an agricultural product to allocate available storage space.

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 244 — Quality and value standards

If standards for the evaluation or determination of the quality or value of an agricultural product are not established under another Federal law, the Secretary may establish standards for the evaluation or determination of the quality or value of the agricultural product under this chapter.

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 249 — Transfer of stored agricultural products

**(a) In general** In accordance with regulations promulgated under this chapter, a warehouse operator may transfer a stored agricultural product from one warehouse to another warehouse for continued storage. **(b) Continued duty** The warehouse operator from which agricultural products have been transferred under subsection (a) shall deliver to the rightful owner of such products, on request at the original warehouse, such products in the quantity and of the kind, quality, and grade called for by the receipt or other evidence of storage of the owner.

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 245 — Bonding and other financial assurance re-

Page 359 TITLE 7—AGRICULTURE § 248 product are not established under another Fed- eral law, the Secretary may establish standards for the evaluation or determination of the qual- ity or value of the agricultural product under this chapter. (Aug. 11, 1916, ch. 313, pt. C, § 5, as added Pub. L. 106–472, title II, § 201, Nov. 9, 2000, 114 Stat. 2064.) Editorial Notes PRIOR PROVISIONS A prior section 244, acts Aug. 11, 1916, ch. 313, pt. C, § 4, 39 Stat. 486; Mar. 2, 1931, ch. 366, § 1, 46 Stat. 1463, au- thorized licensing of warehousemen, prior to the gen- eral amendment of this chapter by Pub. L. 106–472. See section 242 of this title. A prior section 5 of act Aug. 11, 1916, ch. 313, pt. C, was classified to section 245 of this title, prior to the general amendment of this chapter by Pub. L. 106–472. § 245. Bonding and other financial assurance re- quirements (a) In general As a condition of receiving a license or ap- proval under this chapter (including regulations promulgated under this chapter), the person ap- plying for the license or approval shall execute and file with the Secretary a bond, or provide such other financial assurance as the Secretary determines appropriate, to secure the person’s performance of the activities so licensed or ap- proved. (b) Service of process To qualify as a suitable bond or other finan- cial assurance under subsection (a), the surety, sureties, or financial institution shall be subject to service of process in suits on the bond or other financial assurance in the State, district, or territory in which the warehouse is located. (c) Additional assurances If the Secretary determines that a previously approved bond or other financial assurance is in- sufficient, the Secretary may suspend or revoke the license

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