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Current as of January 01, 2024 | Updated by FindLaw Staff
(a) A person appointed receiver for the assets of a warehouse operator licensed under this chapter is not required to obtain a license from the department if the person:
(1) is bonded and insured as described by Subsection (b); and
(2) after being appointed, does not:
(A) receive additional grain for storing for hire, handling for hire, or shipping for hire; or
(B) purchase grain for resale.
(b) A person appointed receiver shall maintain:
(1) a bond in the same amount required for a licensed warehouse operator; and
(2) casualty insurance in the same amount and type as required for a licensed warehouse operator.
(c) A person appointed receiver shall file proof of proper bonding and verification of insurance with the department on or before the date the person is appointed to act as receiver.
Cite this article: FindLaw.com - Texas Agriculture Code - AGRIC § 14.014. Receivership Affecting Warehouse Assets - last updated January 01, 2024 | https://codes.findlaw.com/tx/agriculture-code/agric-sect-14-014/
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 or via Westlaw before relying on it for your legal needs.
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