Skip to main content
Find a Lawyer

Arkansas Code Title 2. Agriculture § 2-17-217. Warehousemen asset requirements

Current as of March 28, 2024 | Updated by Findlaw Staff

(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 whether the public grain warehouseman meets the available net assets requirement of subsection (a) of this section.

(c) For the purposes of this section only, capital stock as such shall not be considered a liability.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Arkansas Code Title 2. Agriculture § 2-17-217. Warehousemen asset requirements - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-2-agriculture/ar-code-sect-2-17-217/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard