[Code of Federal Regulations]
[Title 7, Volume 7, Parts 700 to 899]
[Revised as of January 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 7CFR738.11]

[Page 290]
 
                          TITLE 7--AGRICULTURE
 
                            CHAPTER VII--FARM
                SERVICE AGENCY, DEPARTMENT OF AGRICULTURE
 
PART 738--WOOL WAREHOUSES--Table of Contents
 
Sec. 738.11  Bond required; time of filing.

    Each warehouseman applying for a warehouse license under the act 
shall, before such license is granted, file with the Secretary or his 
designated representative a bond containing the following conditions and 
such other terms as the Secretary or his designated representative may 
prescribe in the approved bond forms, with such changes as may be 
necessary to adapt the forms to the type of legal entity involved:
    Now, therefore, if the said license(s) or any amendments thereto be 
granted and said principal, and its successors and assigns operating 
said warehouse(s), shall:
    Faithfully perform during the period of 1 year commencing 
__________, or until the termination of said license(s) in the event of 
termination prior to the end of the 1 year period, all obligations of a 
licensed warehouseman under the terms of the act and regulations 
thereunder relating to the above-named products; and
    Faithfully perform during said 1 year period and thereafter, whether 
or not said warehouse(s) remain(s) licensed under the Act, such delivery 
obligations and further obligations as a warehouseman as exist at the 
beginning of said 1 year period or are assumed during said period and 
prior to termination of said license(s) under contracts with the 
respective depositors of such products in the warehouse(s);
    Then this obligation shall be null and void and of no effect, 
otherwise to remain in full force. For purposes of this bond, the 
aforesaid obligations under the act and regulations and contracts shall 
include obligations under any and all modifications of the Act, the 
regulations, and the contracts that may hereafter be made, notice of 
which modifications to the surety being hereby waived.

[28 FR 5637, June 8, 1963. Redesignated at 50 FR 1814, Jan. 14, 1985]