{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/3.2-4756.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/3.2-4756.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/3.2-4756.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/3.2-4756.html"}],"law_id":357861,"edition_id":2,"section_id":357861,"structure_id":51189,"section_number":"3.2-4756","catch_line":"Execution, terms and form of bond or irrevocable letter of credit; action on bond or irrevocable letter of credit; investigation of complaints","history":"1972, c. 296, \u00a7 3.1-722.20; 1982, c. 187; 2008, c. 860.","full_text":"The bond shall be executed by the applicant as principal and by a surety company authorized and qualified to do business in the Commonwealth as surety. An irrevocable letter of credit may be issued on such terms as the Commissioner may require. The Commissioner shall be designated as the trustee of the bond or beneficiary of the irrevocable letter of credit, and a copy of the bond or irrevocable letter of credit shall be filed with him. The bond shall be in a form prescribed or approved by the Commissioner and shall be conditioned to secure the faithful accounting for payment to producers, agents or representatives, of all grain purchased, stored, handled or sold by the dealer. Any producer claiming to be injured by the nonpayment, fraud, deceit or negligence of any dealer may bring action upon the bond against the principal, or the surety, or both in an appropriate court. In the event the Commissioner receives written complaint from an injured producer of nonpayment, fraud, deceit or negligence of a dealer, the Commissioner may investigate such complaint and make recommendations to the surety company as to the culpability of the dealer, if any.\n\n","order_by":null,"text":{"0":{"id":1331695,"text":"The bond shall be executed by the applicant as principal and by a surety company authorized and qualified to do business in the Commonwealth as surety. An irrevocable letter of credit may be issued on such terms as the Commissioner may require. The Commissioner shall be designated as the trustee of the bond or beneficiary of the irrevocable letter of credit, and a copy of the bond or irrevocable letter of credit shall be filed with him. The bond shall be in a form prescribed or approved by the Commissioner and shall be conditioned to secure the faithful accounting for payment to producers, agents or representatives, of all grain purchased, stored, handled or sold by the dealer. Any producer claiming to be injured by the nonpayment, fraud, deceit or negligence of any dealer may bring action upon the bond against the principal, or the surety, or both in an appropriate court. In the event the Commissioner receives written complaint from an injured producer of nonpayment, fraud, deceit or negligence of a dealer, the Commissioner may investigate such complaint and make recommendations to the surety company as to the culpability of the dealer, if any.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":51189,"edition_id":2,"name":"Dealers in Grain Products","identifier":"4","label":"article","depth":4,"order_by":3,"parent_id":51185,"metadata":{"child_laws":11,"child_structures":0},"date_created":"2026-08-02 02:38:47","date_modified":"2026-08-02 12:27:39","permalink":{"id":1423871,"object_type":"structure","relational_id":51189,"identifier":"4","token":"3.2\/III\/47\/4","url":"\/3.2\/III\/47\/4\/","edition_id":2,"permalink":0,"preferred":1}},{"id":51185,"edition_id":2,"name":"Sale of Farm Produce","identifier":"47","label":"chapter","depth":3,"order_by":15,"parent_id":51149,"metadata":{"child_laws":76,"child_structures":5},"date_created":"2026-08-02 02:38:41","date_modified":"2026-08-02 12:27:39","permalink":{"id":1423651,"object_type":"structure","relational_id":51185,"identifier":"47","token":"3.2\/III\/47","url":"\/3.2\/III\/47\/","edition_id":2,"permalink":0,"preferred":1}},{"id":51149,"edition_id":2,"name":"Production and Sale of Agricultural Products","identifier":"III","label":"subtitle","depth":2,"order_by":4,"parent_id":51103,"metadata":{"child_laws":398,"child_structures":44},"date_created":"2026-08-02 02:38:09","date_modified":"2026-08-02 12:27:34","permalink":{"id":1422445,"object_type":"structure","relational_id":51149,"identifier":"III","token":"3.2\/III","url":"\/3.2\/III\/","edition_id":2,"permalink":0,"preferred":1}},{"id":51103,"edition_id":2,"name":"Agriculture, Animal Care, and Food","identifier":"3.2","label":"title","depth":1,"order_by":5,"parent_id":null,"metadata":{"child_laws":1194,"child_structures":151},"date_created":"2026-08-02 02:37:33","date_modified":"2026-08-02 12:27:27","permalink":{"id":1420941,"object_type":"structure","relational_id":51103,"identifier":"3.2","token":"3.2","url":"\/3.2\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":357858,"structure_id":51189,"section_number":"3.2-4753","catch_line":"Definitions","url":"\/3.2-4753\/","token":"3.2\/III\/47\/4\/3.2-4753","metadata":false},{"id":357859,"structure_id":51189,"section_number":"3.2-4754","catch_line":"License required; application for license or renewal","url":"\/3.2-4754\/","token":"3.2\/III\/47\/4\/3.2-4754","metadata":false},{"id":357860,"structure_id":51189,"section_number":"3.2-4755","catch_line":"License and renewal fee; bond or irrevocable letter of credit required; exemption","url":"\/3.2-4755\/","token":"3.2\/III\/47\/4\/3.2-4755","metadata":false},{"id":357861,"structure_id":51189,"section_number":"3.2-4756","catch_line":"Execution, terms and form of bond or irrevocable letter of credit; action on bond or irrevocable letter of credit; investigation of complaints","url":"\/3.2-4756\/","token":"3.2\/III\/47\/4\/3.2-4756","metadata":false},{"id":357862,"structure_id":51189,"section_number":"3.2-4757","catch_line":"Duties and powers of Commissioner with respect to bonds","url":"\/3.2-4757\/","token":"3.2\/III\/47\/4\/3.2-4757","metadata":false},{"id":357863,"structure_id":51189,"section_number":"3.2-4758","catch_line":"Grain Dealers Licensing and Bonding Fund established; disposition of fees and penalties","url":"\/3.2-4758\/","token":"3.2\/III\/47\/4\/3.2-4758","metadata":false},{"id":357864,"structure_id":51189,"section_number":"3.2-4759","catch_line":"Records to be kept by dealers","url":"\/3.2-4759\/","token":"3.2\/III\/47\/4\/3.2-4759","metadata":false},{"id":357865,"structure_id":51189,"section_number":"3.2-4760","catch_line":"Grounds for refusal or revocation of license","url":"\/3.2-4760\/","token":"3.2\/III\/47\/4\/3.2-4760","metadata":false},{"id":357866,"structure_id":51189,"section_number":"3.2-4761","catch_line":"Procedure for refusal or revocation of license; notice of hearing","url":"\/3.2-4761\/","token":"3.2\/III\/47\/4\/3.2-4761","metadata":false},{"id":357867,"structure_id":51189,"section_number":"3.2-4762","catch_line":"Commissioner's authority to investigate","url":"\/3.2-4762\/","token":"3.2\/III\/47\/4\/3.2-4762","metadata":false},{"id":357868,"structure_id":51189,"section_number":"3.2-4763","catch_line":"Violation a misdemeanor; illegal acts relating to issuance of receipts or removal of grain under storage, exchange or grain bank a felony","url":"\/3.2-4763\/","token":"3.2\/III\/47\/4\/3.2-4763","metadata":false}],"previous_section":{"id":357860,"structure_id":51189,"section_number":"3.2-4755","catch_line":"License and renewal fee; bond or irrevocable letter of credit required; exemption","url":"\/3.2-4755\/","token":"3.2\/III\/47\/4\/3.2-4755","metadata":false},"next_section":{"id":357862,"structure_id":51189,"section_number":"3.2-4757","catch_line":"Duties and powers of Commissioner with respect to bonds","url":"\/3.2-4757\/","token":"3.2\/III\/47\/4\/3.2-4757","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/3.2-4756\/","history_text":"

This law was first created in 1972. The record of its establishment is cataloged in chapter 296 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1972 \u201cActs\u201d aren\u2019t available online. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1982, chapter 187; in 2008, chapter 860<\/a>.<\/p>","references":[{"id":357862,"section_number":"3.2-4757","catch_line":"Duties and powers of Commissioner with respect to bonds","order_by":null,"url":"\/3.2-4757\/"}],"refers_to":false,"permalink":{"id":1423885,"object_type":"law","relational_id":357861,"identifier":"3.2-4756","token":"3.2\/III\/47\/4\/3.2-4756","url":"\/3.2-4756\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/3.2-4756\/","token":"3.2\/III\/47\/4\/3.2-4756","dublin_core":{"Title":"Execution, terms and form of bond or irrevocable letter of credit; action on bond or irrevocable letter of credit; investigation of complaints","Type":"Text","Format":"text\/html","Identifier":"\u00a7 3.2-4756","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The bond<\/span> shall be executed by the applicant as principal and by a surety<\/span> company authorized and qualified to do business in the Commonwealth as surety<\/span>. An irrevocable letter of credit may be issued on such terms as the Commissioner<\/span> may require. The Commissioner<\/span> shall be designated as the trustee of the bond<\/span> or beneficiary of the irrevocable letter of credit, and a copy of the bond<\/span> or irrevocable letter of credit shall be filed with him. The bond<\/span> shall be in a form prescribed or approved by the Commissioner<\/span> and shall be conditioned to secure the faithful accounting for payment to producers<\/span>, agents or representatives, of all grain<\/span> purchased, stored, handled or sold by the dealer. Any producer<\/span> claiming to be injured by the nonpayment, fraud<\/span>, deceit or negligence<\/span> of any dealer may bring action upon the bond<\/span> against the principal, or the surety<\/span>, or both in an appropriate court<\/span>. In the event the Commissioner<\/span> receives written complaint from an injured producer<\/span> of nonpayment, fraud<\/span>, deceit or negligence<\/span> of a dealer, the Commissioner<\/span> may investigate such complaint and make recommendations to the surety<\/span> company as to the culpability of the dealer, if any.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nEXECUTION, TERMS AND FORM OF BOND OR IRREVOCABLE LETTER OF CREDIT; ACTION ON\nBOND OR IRREVOCABLE LETTER OF CREDIT; INVESTIGATION OF COMPLAINTS (\u00a7 3.2-4756)\n\nThe bond shall be executed by the applicant as principal and by a surety company\nauthorized and qualified to do business in the Commonwealth as surety. An\nirrevocable letter of credit may be issued on such terms as the Commissioner may\nrequire. The Commissioner shall be designated as the trustee of the bond or\nbeneficiary of the irrevocable letter of credit, and a copy of the bond or\nirrevocable letter of credit shall be filed with him. The bond shall be in a\nform prescribed or approved by the Commissioner and shall be conditioned to\nsecure the faithful accounting for payment to producers, agents or\nrepresentatives, of all grain purchased, stored, handled or sold by the dealer.\nAny producer claiming to be injured by the nonpayment, fraud, deceit or\nnegligence of any dealer may bring action upon the bond against the principal,\nor the surety, or both in an appropriate court. In the event the Commissioner\nreceives written complaint from an injured producer of nonpayment, fraud, deceit\nor negligence of a dealer, the Commissioner may investigate such complaint and\nmake recommendations to the surety company as to the culpability of the dealer,\nif any.\n\nHISTORY: 1972, c. 296, \u00a7 3.1-722.20; 1982, c. 187; 2008, c. 860.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}