Idaho State Statutes - Idaho Attorney Directory

ACTION ON BOND, CERTIFICATE OF DEPOSIT OR IRREVOCABLE LETTER OF
CREDIT BY PRODUCERS INJURED. Any producer injured by the breach of any
obligation for which a bond, certificate of deposit or irrevocable letter of
credit is written, under the provisions of section 69-208, Idaho Code, must
petition the director to make demand upon the warehouseman, certificate of
deposit, irrevocable letter of credit or bond. The director may thereupon make
demand for payment of such damages and in the event such damages are not
promptly paid the director may commence an action to enforce payment of such
damages. The liability of the bank on a certificate of deposit or irrevocable
letter of credit, and the surety upon the bond required to be given by
warehousemen as provided in section 69-208, Idaho Code, for any one (1) annual
licensing period shall be limited to the amount specified in the bond,
certificate of deposit, or irrevocable letter of credit and in case of
recoveries had by two (2) or more producers for violation of the conditions of
this chapter in excess of the amount of the bond, certificate of deposit, or
irrevocable letter of credit, such recovery shall be prorated and the total
recovery for any one (1) annual licensing period shall not exceed the amount
of the bond, certificate of deposit, or irrevocable letter of credit. In the
event the director sues and obtains a judgment against the warehouseman and/or
his surety or bank for payment of such damages under this chapter, he shall be
entitled to recover a reasonable attorney's fee.

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