{"data":{"id":"us-ky/krs-261.260","jurisdiction":"us-ky","citation":"KRS 261.260","heading":"Surety bond or other security instrument or agreement.","body":"(1) The owner or operator of any stockyard or buying station, any market agency, or any\nlivestock dealer who is required to execute and maintain a surety bond or other\nsecurity instrument or agreement in compliance with standards set out in the\nPackers and Sto ckyards Act, 7 U.S.C. secs. 181 -229b, or regulations promulgated\nunder the Act shall forward a copy of the bond or other security instrument or\nagreement to the department.\n(2) The owner or operator of any stockyard or buying station, any market agency, or any\nlivestock dealer who is not required to file a surety bond or other security\ninstrument or agreement under requirements in the Packers and Stockyards Act, 7\nU.S.C. secs. 181-229b, or the regulations promulgated under the Act, shall file with\nthe depar tment a surety bond issued by a surety company authorized to transact\nbusiness within the Commonwealth of Kentucky, payable to the Commonwealth\nwith the Commissioner as trustee, or other security instrument or agreement\nrequired by the Commissioner. The te rms, conditions, and amount of the bond or\nother security instrument or agreement shall be determined by administrative\nregulation.\n(3) In instances where two (2) or more stockyards or buying stations are owned and\noperated by the same person, each affilia ted stockyard or buying station shall be\nrequired to show proof of credit worthiness independent of the other affiliates and\nshall be required to meet the provisions of subsection (1) or (2) of this section.","path":["KRS Chapter 261"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=40146","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:10Z","sha256":"cf25c44c234f789d746b9af61a7aedca350e997f3df5d8270c37ea9916a163a5","source_id":"us-ky","stale":false,"prev":"us-ky/krs-261.250","next":"us-ky/krs-261.270"},"notice":"GroundRules: Original legal text. Not legal advice."}