Section 49-43-5.9 - Claim against warehouseman--Time limitation--Failure to make claim--Notice ofrevocation of license--Exception. - South-dakota Statutes

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Statutes > South-dakota > Title-49 > Chapter-43 > Statute-49-43-5-9

49-43-5.9. Claim against warehouseman--Time limitation--Failure to make claim--Notice of revocation of license--Exception. Upon revocation, termination, or cancellation of a warehouse license, any claim against the warehouseman arising under this chapter shall be made in writing with the commission, warehouseman, and the surety on the warehouse bond within six months after receiving notice of revocation, termination, or cancellation. Failure to make a timely claim shall relieve the surety of all obligations to the claimant. However, this section may not be construed to reduce the aggregate liability of the surety to other claimants below the face amount of the bond then in effect. Upon revocation of a warehouse license, the commission shall cause notice of such revocation to be published once each week for two consecutive weeks in a newspaper of general circulation in each of the counties in which the licensee maintains a business location and in a newspaper of general circulation within the state and shall cause notice of such revocation to be sent by certified mail to all grain storage receipt and scale ticket holders named in the audit prepared pursuant to § 49-43-5.8. The notice shall state the name and address of the warehouseman, the effective date of revocation, and the name and address of the surety on the warehouse bond. The notice shall also state that any claims against the warehouseman shall be made in writing and sent by ordinary mail to the Public Utilities Commission, the warehouseman and the surety on the warehouse bond within six months after receiving notice of revocation. The provisions of this section do not apply if a receiver is appointed as provided in § 49-43-5.6 before the expiration of six months after receiving notice of revocation, termination, or cancellation of the license.

Source: SL 1987, ch 355, § 5; SL 1989, ch 30, § 83; SL 1989, ch 404, § 4.

State Codes and Statutes

Statutes > South-dakota > Title-49 > Chapter-43 > Statute-49-43-5-9

49-43-5.9. Claim against warehouseman--Time limitation--Failure to make claim--Notice of revocation of license--Exception. Upon revocation, termination, or cancellation of a warehouse license, any claim against the warehouseman arising under this chapter shall be made in writing with the commission, warehouseman, and the surety on the warehouse bond within six months after receiving notice of revocation, termination, or cancellation. Failure to make a timely claim shall relieve the surety of all obligations to the claimant. However, this section may not be construed to reduce the aggregate liability of the surety to other claimants below the face amount of the bond then in effect. Upon revocation of a warehouse license, the commission shall cause notice of such revocation to be published once each week for two consecutive weeks in a newspaper of general circulation in each of the counties in which the licensee maintains a business location and in a newspaper of general circulation within the state and shall cause notice of such revocation to be sent by certified mail to all grain storage receipt and scale ticket holders named in the audit prepared pursuant to § 49-43-5.8. The notice shall state the name and address of the warehouseman, the effective date of revocation, and the name and address of the surety on the warehouse bond. The notice shall also state that any claims against the warehouseman shall be made in writing and sent by ordinary mail to the Public Utilities Commission, the warehouseman and the surety on the warehouse bond within six months after receiving notice of revocation. The provisions of this section do not apply if a receiver is appointed as provided in § 49-43-5.6 before the expiration of six months after receiving notice of revocation, termination, or cancellation of the license.

Source: SL 1987, ch 355, § 5; SL 1989, ch 30, § 83; SL 1989, ch 404, § 4.

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State Codes and Statutes

Statutes > South-dakota > Title-49 > Chapter-43 > Statute-49-43-5-9

49-43-5.9. Claim against warehouseman--Time limitation--Failure to make claim--Notice of revocation of license--Exception. Upon revocation, termination, or cancellation of a warehouse license, any claim against the warehouseman arising under this chapter shall be made in writing with the commission, warehouseman, and the surety on the warehouse bond within six months after receiving notice of revocation, termination, or cancellation. Failure to make a timely claim shall relieve the surety of all obligations to the claimant. However, this section may not be construed to reduce the aggregate liability of the surety to other claimants below the face amount of the bond then in effect. Upon revocation of a warehouse license, the commission shall cause notice of such revocation to be published once each week for two consecutive weeks in a newspaper of general circulation in each of the counties in which the licensee maintains a business location and in a newspaper of general circulation within the state and shall cause notice of such revocation to be sent by certified mail to all grain storage receipt and scale ticket holders named in the audit prepared pursuant to § 49-43-5.8. The notice shall state the name and address of the warehouseman, the effective date of revocation, and the name and address of the surety on the warehouse bond. The notice shall also state that any claims against the warehouseman shall be made in writing and sent by ordinary mail to the Public Utilities Commission, the warehouseman and the surety on the warehouse bond within six months after receiving notice of revocation. The provisions of this section do not apply if a receiver is appointed as provided in § 49-43-5.6 before the expiration of six months after receiving notice of revocation, termination, or cancellation of the license.

Source: SL 1987, ch 355, § 5; SL 1989, ch 30, § 83; SL 1989, ch 404, § 4.