NRS 573.037
Deposit in lieu of bond: Amount

  • action for recovery against deposit
  • retention by Department.

1.

As authorized by NRS 573.025 or subsection 2 of NRS 573.030, in lieu of filing the bond described in NRS 573.033, the applicant may deliver to the Director the receipt of a bank, credit union or trust company doing business in this state showing the deposit with that bank, credit union or trust company of cash or of securities endorsed in blank by the owner thereof and, except as otherwise provided in NRS 573.025, of a market value equal at least to the required principal amount of the bond, the cash or securities to be deposited in escrow under an agreement conditioned as in the case of a bond. A receipt must be accompanied by evidence that there are no unsatisfied judgments against the applicant of record in the county where the applicant resides.

2.

An action for recovery against any such deposit may be brought in the same manner as in the case of an action for recovery on a bond filed under the provisions of this chapter.

3.

Except as otherwise provided in NRS 573.025, if any licensed operator of a public livestock auction or holder of a limited license to conduct an annual sale of livestock for any reason ceases to operate the auction or sale, the amount of money or securities deposited in lieu of a bond must be retained by the Department for 1 year. If 1 year after the cessation of the operation, no legal action has been commenced to recover against the money or securities, the amount thereof must be delivered to the owner thereof. If a legal action has been commenced within that period, all such money and securities must be held by the Director subject to the order of a court of competent jurisdiction.

Source: Section 573.037 — Deposit in lieu of bond: Amount; action for recovery against deposit; retention by Department., https://www.­leg.­state.­nv.­us/NRS/NRS-573.­html#NRS573Sec037.

573.010
Definitions. 573.015
Declaration of policy. 573.020
Holding of public livestock auction without license prohibited 573.025
Limited license to conduct annual sale of livestock. 573.030
Bond required for issuance of license or limited license 573.033
Details and amount of bond 573.035
Bond of market agency. 573.037
Deposit in lieu of bond: Amount 573.040
Fee for license or limited license. 573.050
Issuance of license. 573.060
Separate license required for each establishment or premises. 573.070
Form of license. 573.080
Renewal of license. 573.090
Display of license. 573.100
Denial, suspension or revocation of license 573.103
Audits of accounts 573.104
Custodial accounts for consignors’ proceeds 573.105
Line of credit: Duty to notify Department of change in amount or replacement 573.106
Payment of net proceeds of sales to consignors. 573.107
Actions by consignor creditor or Director on bond. 573.108
Duties of Director when licensee fails to pay consignor creditor 573.109
District court’s power to compel attendance of witnesses and production of books and papers 573.110
Records to be maintained by licensee: Contents 573.120
Records to be maintained by person buying or receiving livestock for slaughter on consignment or for commission or fee: Contents 573.125
Issuance of receipts to purchasers. 573.130
Regulation of sales of livestock under quarantine or infected or exposed to contagious, infectious or parasitic livestock disease 573.140
Cleaning and maintenance of premises 573.150
Inspection and testing of scales. 573.160
Inspection of premises and records by Department. 573.165
Approved space and facilities to be provided for brand inspection. 573.170
Change of sale days: Procedure 573.175
Security agreements not impaired. 573.180
Exemption from provisions of chapter for nonprofit organizations and associations. 573.183
Cease and desist orders. 573.185
Injunctions 573.190
Penalties
Last Updated

Feb. 5, 2021

§ 573.037’s source at nv​.us