Tex. Agric. Code Section 14.035
Cancellation of Certificate of Deposit or Cash


(a)

A warehouse operator may not repossess a certificate of deposit or cash approved by and deposited with the department in lieu of a bond unless:

(1)

the department gives written approval of a substitute bond or letter of credit; and

(2)

at least two years have passed after the expiration of the last licensing period during which the certificate of deposit or cash was deposited with the department in lieu of a bond.

(b)

Notwithstanding any other provision of this chapter, the department may not release a certificate of deposit or cash deposited with the department while a claim filed within the applicable limitations period established under Section 14.065 (Recovery on Bond; Liability of Warehouse Operator) is pending before the department or a court.

(c)

A warehouse operator may, on written request to the department, recover cash or a certificate of deposit from the department before the expiration of the two-year period specified in Subsection (a)(2) if:

(1)

the department performs a closeout inspection;

(2)

the department determines on the best available evidence that no outstanding obligations exist at the time of the closeout inspection;

(3)

the warehouse operator submits with the written request a bond:

(A)

in an amount equal to six cents per bushel for 50 percent of the total storage capacity of the facility or combination covered by the cash or certificate of deposit the warehouse operator is attempting to recover; and

(B)

covering any failure of obligation that may have occurred during all licensing periods covered by the cash or certificate of deposit the warehouse operator is attempting to recover; and

(4)

at least 30 days have passed since the closeout inspection.

(d)

A claim against the bond required by Subsection (c) must be filed with the department or in a court of competent jurisdiction not later than the second anniversary of the date of the closeout inspection.
Added by Acts 2001, 77th Leg., ch. 1124, Sec. 1, eff. Sept. 1, 2001.

Source: Section 14.035 — Cancellation of Certificate of Deposit or Cash, https://statutes.­capitol.­texas.­gov/Docs/AG/htm/AG.­14.­htm#14.­035 (accessed Jun. 5, 2024).

14.001
Definitions
14.011
Limitation of Chapter
14.012
Business Information
14.013
Right to Intervene and Notification of Department
14.014
Receivership Affecting Warehouse Assets
14.015
Powers and Duties of Department
14.021
License Required
14.022
Licensing of Multiple Warehouses
14.023
Licensing Procedure
14.024
Requirement for Increasing Capacity
14.031
Bond
14.032
Additional Bond
14.033
Bond Cancellation
14.034
Cancellation of Letter of Credit
14.035
Cancellation of Certificate of Deposit or Cash
14.041
Casualty Insurance
14.042
Insurance Cancellation
14.043
Additional Insurance
14.051
Posting of License
14.052
Warehouse Operator Obligations
14.053
Receipt Forms
14.054
Issuance of Scale Weight Ticket or Receipt
14.055
Duplicate Receipts
14.056
Receipt for Grain Owned by Warehouse Operator
14.057
Records
14.058
Posting of Storage Rates or Tariffs
14.059
Inspections
14.061
Warehouse Receipt as Prima Facie Evidence
14.062
Invalid Receipts
14.063
Termination of Storage
14.064
Certain Loadout Fees Prohibited
14.065
Recovery on Bond
14.066
Appeal of Department Action by Warehouse Operator
14.071
General Penalty
14.072
Penalty for Operating Without a License
14.073
Penalty for Fraud
14.074
Penalty for Unlawful Delivery
14.075
Penalty for Fraudulently Issuing a Scale Weight Ticket or Receipt
14.076
Penalty for Changing a Receipt or Scale Weight Ticket After Issuance
14.077
Penalty for Depositing Grain Without Title
14.078
Penalty for Stealing Grain or Receiving Stolen Grain
14.079
Penalty for Interfering with Sealed Warehouse or Department Inspection or Investigation
14.081
Offense Is Violation
14.082
Discovery of Shortage
14.083
Denial, Revocation, Modification, or Suspension of License or Probation
14.084
Operation After Revocation or Suspension of a License or Probation
14.085
Injunction
14.086
Civil Penalty
14.087
Recovery of Court Costs
14.088
Venue

Accessed:
Jun. 5, 2024

§ 14.035’s source at texas​.gov