South Dakota Grain Warehousemen Bond Update

South Dakota Grain Warehouseman Bond
The state of South Dakota has enacted a new surety bond claim procedure for warehouseman bonds. The new law is labeled HB 1036 and modifies the claim procedure for bonds obtained by grain warehousemen. The present legislation requires anyone who intends to file a claim on a grain warehousemen’s bond to inform the Public Utilities Commission while the individual activating a claim can only advance if the Commission isn’t instituting a claim on the bond. HB 1036 requires the Commission to respond in writing within 60 days of word from anyone attempting to file a claim on the bond; if the Commission doesn’t reply, the individual claimant is allowed to take action on the bond regardless.