411.281. Additional bond required, when--amount, how determined.
Additional bond required, when--amount, how determined.
411.281. 1. The director, after a hearing held inaccordance with this chapter and regulations promulgatedhereunder, may make a determination that the warehouseman hasfailed, or is unable, to meet storage or dollar obligations, andthus an additional bond is essential to adequately protect thewarehouseman's depositors. Upon such a determination, thedirector shall require to be filed, within a reasonable period,as determined by the director, an additional bond in such amountas the director deems to be necessary to assure protection to thewarehouseman's depositors.
2. The amount of the additional bond required under thissection shall not exceed the amount necessary to fulfill thestorage and dollar obligation which the warehouseman has failedor is unable to meet.
(L. 1977 S.B. 75 § 5)