COMPILED CODE - Iowa Legislature - State of Iowa

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Tit. XXI, Ch. 8-A. BONDED WAREHOUSES. §§ 6179-a5-6179-a7.
4 sioners may from time to time be renewed or extended by a written
5 instrument, which shall specify the date of its termination.
[39 G. A., ch. 119-, § 4.]
SEC. 6179-a5. Bond—conditions—suspension because of insufficiency.
1 Each warehouseman applying for a license to conduct a warehouse
2 in accordance with this chapter shall, as a condition to the granting
3 thereof, execute and file with the commissioners a good and sufficient
4 bond other than personal security to the state of Iowa to secure the
5 faithful performance of his obligations as a warehouseman under the
6 terms of this chapter and the rules and regulations prescribed hereun-
7 der, and of such additional obligations as a warehouseman as may be
8 assumed by him under contracts with the respective depositors of agri-
9 cultural products in such warehouse.
10 Said bond shall be in such form and amount, shall have such
11 surety or sureties, subject to service of process in suits on the bond
12 and shall contain such terms and conditions as the commissioners may
13 prescribe to carry out the purposes of this chapter, including the re-
14 quirements of fire insurance.
15 Whenever the commissioners shall determine that a bond approved
16 by them is, or for any cause has become insufficient, they may require
17 an additional bond or bonds to be given by the warehouseman con-
18 cerned, conforming with the requirements of this section, and unless
19 the same be given within the time fixed by a written demand therefor
20 the license of such warehouseman may be suspended or revoked.
21 No bond shall be required of any warehouse licensed and bonded
22 under the provisions of the United States warehouse act.
[39 G. A., ch. 119, § 5.]
SEC. 6179-a6. Action on bond.
1 Any person injured by the breach of any obligation to secure which
2 a bond is given, under the provisions of sections sixty-one hundred
3 seventy-nine-a five or sixty-one hundred seventy-nine-a eight of this
4 supplement, shall be entitled to sue on the bond in his own name in
5 any court of competent jurisdiction to recover the damages he may
6 have sustained by such breach.
[39 G. A., ch. 119, § 6.]
SEC. 6179-a7. Use of term "bonded warehouse".
1 Upon the filing with the approval by the commissioners of a bond,
2 in compliance with this chapter, for the conduct of a warehouse, such
3 warehouse shall be designated as bonded hereunder ; but no warehouse
4 shall be designated as bonded under this chapter, and no name or
5 description conveying the impression that it is so bonded, shall be used,
6 until a bond, such as provided for in section sixty-one hundred seventy-
7 nine-a five of this supplement, has been filed with and approved by the
8 commissioners, nor unless the license issued under this chapter for the
9 conduct of such warehouse remains unsuspended and unrevoked.
[39 G. A., ch. 119, § 7.]
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