Missouri § 276.496 - Dealer to terminate all agreements upon expiration or revocation of license — notices — director to prescribe procedure — business may operate during periods of suspension — dealer to pay costs.

§ 276.496. Dealer to terminate all agreements upon expiration or revocation of license — notices — director to prescribe procedure — business may operate during periods of suspension — dealer to pay costs.

1.  When a license is revoked or expires without having been renewed, the dealer shall terminate, in the manner prescribed by the director, all arrangements covering the purchase, holding or sale of grains held or controlled by the dealer.  In terminating such arrangements, the dealer shall prepare a notice in a form approved by the director for all creditors, sellers, and purchasers, which notice shall set forth the fact of termination and indicate the method of resolving open engagements.

2.  During the period of suspension of a license, including a temporary suspension, the dealer may, with the approval and under the supervision of the director or an auditor, continue to operate his dealer business.  All necessary expenses incurred by the director or his designated agents in administering the provisions of this section may be recovered from the dealer in a separate civil action brought by the director in the circuit court.  The director or his designated agents shall be entitled to a fee, computed in accordance with the provisions of subdivision (4) of subsection 1 of section 276.506, for each day or fraction thereof that he or his agents are required to perform services in discharging the duties imposed by this section.  The cost of liability insurance necessary to protect the director and others engaged in carrying out the provisions of this section may also be assessed against the dealer by the court in said suit.

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(L. 1980 H.B. 1627 § 20)

---- end of effective  28 Aug 1980 ----

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