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Texas Statutes (Last Updated: January 4, 2014) |
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AGRICULTURE CODE |
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Title 2. DEPARTMENT OF AGRICULTURE |
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Chapter 14. REGULATION OF PUBLIC GRAIN WAREHOUSE OPERATORS |
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Subchapter B. GENERAL PROVISIONS |
Sec. 14.014. RECEIVERSHIP AFFECTING WAREHOUSE ASSETS
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(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.