§ 43-32-109. Violations — Penalties
With the exception of incidental commodity dealers, nonsecured, failure of a commodity dealer or warehouseman to file a bond or certificate of deposit and to keep the bond or certificate of deposit in force or to maintain assets adequate to assure payment to producers for commodities purchased from or stored for them shall be grounds […]
§ 43-32-110. Use of Price Later Contracts — Rules and Regulations
The commissioner may regulate the use of price later contracts by the promulgation of any rule or regulation the commissioner may deem necessary.
§ 43-32-101. Short Title
This part shall be known and may be cited as the “Tennessee Commodity Dealer and Warehouse Law.”
§ 43-32-102. Chapter Definitions
As used in this chapter, unless the context otherwise requires: “Claimant” means: Any producer or person, possessing warehouse receipts covering commodities owned or stored by the warehouseman; Any person with written evidence of ownership, other than warehouse receipts, disclosing a storage obligation of a commodity warehouseman, including scale tickets, settlement sheets and ledger cards; Any […]
§ 43-32-103. Federally Licensed Commodity Warehouses — Applicability
Any commodity warehouse licensed under the United States Warehouse Act shall be subject to this chapter. However, any federally licensed commodity warehouse that meets the minimum requirements of the federal act shall be in compliance with the requirements of this part. All public commodity warehouses licensed under the United States Warehouse Act shall file with […]
§ 43-32-104. Warehouse Receipts
The commissioner shall prescribe the form of all warehouse receipts, and no other character or form of warehouse receipt shall be issued except those so authorized. Receipts must be issued for all commodities stored in a warehouse. Receipts need not be issued against nonstorage commodities, but each warehouseman shall keep accurate records of the weights, […]
§ 43-32-105. Licensing Requirements — Application
No person shall engage in business as a commodity dealer or warehouseman in the state of Tennessee without a license therefor issued by the department. Application for a license to engage in business as a commodity dealer or warehouseman shall be filed with the department and shall contain information and be in a form as […]
§ 43-32-106. Financial Requirements — Security Bonds — Insurance — Exemptions
With the exception of incidental commodity dealers, nonsecured, every person licensed as a commodity dealer or warehouseman shall have a surety bond and a fire and extended coverage insurance policy, or proof thereof, both of which shall be noncancellable for the term of the license. The surety bond shall provide a reasonable level of protection […]
§ 43-32-107. Inspections — License Suspension or Revocation
The department shall examine or inspect each licensed commodity dealer or warehouseman at least once each calendar year. The department may inspect the premises used by any commodity dealer or warehouseman in the conduct of business at any time, and the books, accounts, records and papers of every licensed commodity dealer or warehouseman shall at […]
§ 43-32-108. Insolvency — Payment Defaults
If it is discovered that any commodity dealer or warehouseman is insolvent, or that its continuance in business will seriously jeopardize the interest of its creditors or commodities depositors, it is the duty of the commissioner to close that dealer or warehouseman and to take charge of all the property and effects thereof, and to […]