                                 CODE OF VIRGINIA

EXECUTION AND TERMS OF BOND; ACTION (§ 3.2-4767)

Bonds required by § 3.2-4765 shall be executed by the applicant as principal
and by a surety company authorized and qualified to do business in the
Commonwealth as surety. The applicant shall file on or before July 1 of each
licensing year a copy of the bond with the Commissioner, and the Commissioner
shall be designated as the trustee of this bond. The bond shall be conditioned
upon compliance with the provisions of this article and upon prompt and accurate
settlement with the consignor. Any consignor of cotton claiming that a cotton
handler has failed to comply with the provisions of this article or any
regulations adopted hereunder, or has failed to settle promptly and accurately
with the consignor, may bring action upon the cotton handler&#8217;s bond
against either the principal, or the surety, or both, in an appropriate court.

HISTORY: 2000, c. 584, § 3.1-722.35; 2008, c. 860.