8.
(a)A lien against all grain assets of a
licensee or a person who is required to be licensed under this chapter
attaches in favor of the following:
(1)A lender or other claimant that has a receipt for grain owned
or stored by the licensee.
(2)A claimant that has a ticket or written evidence, other than a
receipt, of a storage obligation of the licensee.
(3)A claimant that surrendered a receipt as part of a grain sales
transaction if:
(A)the claimant was not fully paid for the grain sold; and
(B)the licensee has had the licensee's license revoked less than
twenty-one (21) days after the surrender of the receipt.
(4)A claimant that has other written evidence of a sale to the
licensee of grain for which the claimant has not been fully paid.
(b)A lien under this section attaches and
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8. (a) A lien against all grain assets of a
licensee or a person who is required to be licensed under this chapter
attaches in favor of the following:
(1) A lender or other claimant that has a receipt for grain owned
or stored by the licensee.
(2) A claimant that has a ticket or written evidence, other than a
receipt, of a storage obligation of the licensee.
(3) A claimant that surrendered a receipt as part of a grain sales
transaction if:
(A) the claimant was not fully paid for the grain sold; and
(B) the licensee has had the licensee's license revoked less than
twenty-one (21) days after the surrender of the receipt.
(4) A claimant that has other written evidence of a sale to the
licensee of grain for which the claimant has not been fully paid.
(b) A lien under this section attaches and is effective at the earliest
of the following:
(1) the delivery of the grain for sale, storage, or under a bailment;
(2) the commencement of the storage obligation; or
(3) the advancement of funds by a lender.
(c) A lien under this section terminates when the licensee discharges
the claim.
(d) If a licensee has had the licensee's license revoked, the lien that
attaches under this section is assigned to the agency by operation of
this section. If a licensee whose license has been revoked is liquidated,
a lien under this section continues to attach as a claim against the assets
or proceeds of the assets of the licensee that are received or liquidated
by the agency.
(e) Except as provided in subsection (h), if a licensee has had the
licensee's license revoked, the power to enforce the lien on the
licensee's grain assets transfers by operation of this section to the
director and rests exclusively with the director who shall allocate and
prorate the proceeds of the grain assets as provided in subsections (g)
and (i).
(f) The lien established under this section has priority over all
competing lien claims asserted against the licensee's grain assets.
(g) The priority of a lien that attaches under this section is not
determined by the date on which the claim arose. If a licensee's license
has been revoked, the director shall enforce lien claims and allocate
grain assets and the proceeds of grain assets of the licensee in the
following order of priority:
(1) First priority is assigned to the following:
(A) A lender or other claimant that has a receipt for grain
owned or stored by the licensee.
(B) A claimant that has a ticket or written evidence, other than
a receipt, of a storage obligation of the licensee.
(C) A claimant that surrendered a receipt as part of a grain sales
transaction if:
(i) the claimant was not fully paid for the grain sold; and
(ii) the licensee has had the licensee's license revoked less
than twenty-one (21) days after the surrender of the receipt.
If there are insufficient grain assets to satisfy all first priority
claims, first priority claimants shall share pro rata in the assets.
(2) Second priority is assigned to all claimants who have written
evidence of the sale of grain, such as a ticket, a deferred pricing
agreement, or similar grain delivery contract, and who completed
delivery less than thirty (30) days before the revocation of the
licensee's license. Claimants under this subdivision share pro rata
in the remaining assets if all claimants under subdivision (1) have
been paid but insufficient assets remain to fully satisfy all
claimants under this subdivision.
(3) Third priority is assigned to all other claimants that have
written evidence of the sale of grain to the revoked license of the
licensee. Claimants under this subdivision share pro rata in the
distribution of the remaining grain assets.
(h) If a claimant under this section brings an action to recover grain
assets that are subject to a lien under this section and the agency does
not join the action, the director shall, upon request of the claimant,
assign the lien to the claimant in order to allow the claimant to pursue
the claim to the extent that the action does not delay the resolution of
the matter by the agency, the prompt liquidation of the assets, or the
ultimate distribution of assets to all claimants.
(i) If:
(1) a claimant engaged in farming operations granted to one (1)
or more secured parties one (1) or more security interests in the
grain related to the claimant's claim under this section; and
(2) one (1) or more secured parties described in subdivision (1)
have given to:
(A) the licensee prior written notice of the security interest
under IC 26-1-9.1-320(a)(1) or IC 26-1-9-307(1)(a) before its
repeal; and
(B) the director prior written notice of the security interest with
respect to the grain described in subdivision (1) sufficient to
give the director a reasonable opportunity to cause the issuance
of a joint check under this subsection;
the director shall pay the claimant described in subdivision (1) the
portion of the proceeds of grain assets under subsection (e) to which
the claimant is entitled under this section by issuance of a check
payable jointly to the order of the claimant and any secured party
described in subdivision (1) who has given the notices described in
subdivision (2). If only one (1) secured party described in subdivision
(1) is a payee, the rights of the secured party in the check shall be to the
extent of the indebtedness of the claimant to the secured party. If two
(2) or more secured parties described in subdivision (1) are payees, the
nature, extent, and priority of their respective rights in the check are
determined in the same manner as the nature, extent, and priority of
their respective security interest under IC 26-1-9.1.