Texas Agriculture Code

§ 14.035 — CANCELLATION OF CERTIFICATE OF DEPOSIT OR CASH

AG § 14.035Title 2. DEPARTMENT OF AGRICULTURE · Ch. 14. REGULATION OF PUBLIC GRAIN WAREHOUSE OPERATORS · Art. D. BONDING

Statute text

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(a)A warehouse operator may not repossess a certificate of deposit or cash approved by and deposited with the department in lieu of a bond unless:

(1)the department gives written approval of a substitute bond or letter of credit; and

(2)at least two years have passed after the expiration of the last licensing period during which the certificate of deposit or cash was deposited with the department in lieu of a bond.

(b)Notwithstanding any other provision of this chapter, the department may not release a certificate of deposit or cash deposited with the department while a claim filed within the applicable limitations period established under Section 14.065 is pending before the department or a court.

(c)A warehouse operator may, on written request to the department, recover cash or a certificate of deposit from the department before the expiration of the two-year period specified in Subsection (a)(2) if:

(1)the department performs a closeout inspection;

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Legislative history

Added by Acts 2001, 77th Leg., ch. 1124, Sec. 1, eff. Sept. 1, 2001.