South Dakota grain buyers are affected by a new bill relating to bankruptcy. The new bill, which is referred to as SB 53, authorizes grain buyers in bankruptcy proceedings to file alternative financial documents in the place of the present surety bond if a bond cannot be attained during this period of time. The present law authorizes alternative security should the surety hault writing surety bonds within the State or be insolvent. SB 53 became active upon enactment.
Eric is the Webmaster of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.