Tennessee Commodity Warehouseman and Dealers Surety Bonds
Commodity Warehouseman and dealers must be licensed in the State of Tennessee and post a Commodity Warehousemans Surety Bond in an amount between $20,000.00 and $100,000.00 as determined by the Tennessee Department of Agriculture.
A "Warehouseman" or "commodities warehouseman" is any person who owns, controls or manages a public commodities warehouse in which commodities are stored for compensation and who is authorized to issue warehouse receipts, and includes any grain warehouse licensed under the United States Warehouse Act that has entered into a cooperative agreement.
"Commodity dealer" is any person engaged in the business of buying commodities from producers for resale or for milling or processing.
The surety bond is to provide a reasonable level of protection for those persons storing commodities in the warehouse or selling commodities to a dealer in the event of bankruptcy, fraud, or other occurrence that would deprive the person storing or selling commodities from recovering its value.
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