§ 69-266 — PAYMENT FROM FUND — DEBT OF WAREHOUSEMAN OR DEALER OR SURETY — REIMBURSEMENT — ACCRUAL OF CAUSE OF ACTION

Amounts paid from the commodity indemnity fund in satisfaction of any approved claim shall constitute a debt and obligation of the warehouseman, dealer, or surety against whom the claim was made. The director may bring suit on behalf of the commodity indemnity fund in the district court of Ada county to recover from the warehouseman, dealer, or surety the amount of the payment made from the commodity indemnity fund, together with costs and attorney’s fees incurred in maintaining the suit. In the event the department initiates an action against a warehouseman, dealer, or surety the department’s claim is deemed to accrue and relate back to the time that each producer who received a commodity indemnity fund payment incurred a loss in the facility. In no event shall a commodity indemnity fund payment be deemed to be beyond the reimbursement from the warehouseman, dealer, or surety merely because the payment may have occurred after the facility closed. Any recovery for reimbursement to the fund shall bear interest at the statutory rate from the date of failure.

Legislative History

[69-266, added 1988, ch. 350, sec. 2, p. 1039; am. 1996, ch. 34, sec. 2, p. 87; am. 2002, ch. 259, sec. 46, p. 779.]