Cub Cadet 782 hemorhaging hydraulic fluid

I recently acquired a cub 782. I was mowing with it and noticed it had a tendency to want to speed up, so i checked the transmission fluid level and it was low. I changed the fluid and topped it off. Once I fired it back up, there is a steady stream of hydraulic fluid coming from the top of the transmission under/around a 1" bolt that on the top of the transmission, just under the seat. I would like to know what is wrong and how to fix it. I should note that the old fluid looked new, so the previous owner likely had the problem also.
 
Can't overfill it, the fill is horizontal and that's the level the fluid is supposed to be when full. I wish it would be that simple, it would save me a few bucks.
 

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