Alabama § 2-31-5 - Bond Payable to State with Commissioner as Trustee; Beneficiary of Bond; Cancellation; Trust Fund Agreement in Lieu of Bond Requirements.
Full text of Alabama Code of Alabama § 2-31-5 — Bond Payable to State with Commissioner as Trustee; Beneficiary of Bond; Cancellation; Trust Fund Agreement in Lieu of Bond Requirements., with citation guidance and answers to common questions.
§ 2-31-5. Bond Payable to State with Commissioner as Trustee; Beneficiary of Bond; Cancellation; Trust Fund Agreement in Lieu of Bond Requirements.
Such bond shall be made payable to the State of Alabama as obligee, with the commissioner as trustee, and shall be conditioned on the grain dealer and his compliance with this article, and shall be for the use and benefit of the producer from whom the grain dealer may purchase grain and who is not paid by such grain dealer, and shall not be cancelled during the period for which the license is issued, except upon at least 60 days notice in writing to the commissioner. In no such event shall the total aggregate liability of surety exceed the face amount of its bond.
In lieu of the above bond requirements a grain dealer may file and maintain a bond equivalent in the form of a trust fund agreement based upon cash, or fully negotiable bonds of the United States government or of the State of Alabama. All other provisions of the above bond requirements shall be applicable to trust fund agreements.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 2-31-5
What does Code of Alabama § 2-31-5 cover?
Section 2-31-5 ("Bond Payable to State with Commissioner as Trustee; Beneficiary of Bond; Cancellation; Trust Fund Agreement in Lieu of Bond Requirements.") is part of the Code of Alabama, the codified statutory law of Alabama. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alabama § 2-31-5?
A common citation format is "Code of Alabama § 2-31-5" (Alabama). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alabama law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alabama official source linked on this page or consult a licensed Alabama attorney.
How does Alabama § 2-31-5 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alabama can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alabama.