Sec. 14.014. RECEIVERSHIP AFFECTING WAREHOUSE ASSETS. (a) A person appointed receiver for the assets of a warehouse operator licensed under this chapter is not required to obtain a license from the department if the person:
(1) is bonded and insured as described by Subsection (b); and
(2) after being appointed, does not:
(A) receive additional grain for storing for hire, handling for hire, or shipping for hire; or
(B) purchase grain for resale.
(b) A person appointed receiver shall maintain:
(1) a bond in the same amount required for a licensed warehouse operator; and
(2) casualty insurance in the same amount and type as required for a licensed warehouse operator.
(c) A person appointed receiver shall file proof of proper bonding and verification of insurance with the department on or before the date the person is appointed to act as receiver.
Amended by Acts 2001, 77th Leg., ch. 1124, Sec. 1, eff. Sept. 1, 2001.
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