§ 26-3-7-31 — Grain shortages; appointment of receiver; notice of actions and orders

(a) Whenever it appears to the satisfaction of
the director that a licensee cannot meet the licensee's outstanding grain
obligations owed to depositors, or when a licensee refuses to submit the
licensee's records or property to lawful inspection, the director shall
give notice to the licensee to do one (1) or more of the following:
(1) Cover the shortage with grain that is fully paid for.
(2) Give additional bond, letter of credit, or cash deposit as
required by the director.
(3) Submit to inspection as the director may deem necessary.
(b) If the licensee fails to comply with the terms of the notice within
five (5) business days from the date of its issuance, or within an
extension of time that the director may allow, the director may petition
the circuit court, superior court, or probate court of the Indiana county
where the licensee's principal place of business is located seeking the
appointment of a receiver. If the court determines in accordance with
IC 32-30-5 that a receiver should be appointed, upon the request of the
licensee the court may appoint the agency or its representative to act as
receiver. The agency or its representative may not be appointed as
receiver except upon the request of the licensee. If the agency or its
representative is appointed, any person interested in an action as
described in IC 32-30-5-2 may after twenty (20) days request that the
agency or its representative be removed as receiver. If the agency or its
representative is not serving as receiver, the receiver appointed shall
meet and confer with representatives of the agency regarding the
licensee's grain related obligations and, before taking any actions
regarding those obligations, the receiver and the court shall consider
the agency's views and comments.
(c) The director shall inform the corporation of any:
(1) notice or order issued; or
(2) action taken;
under this section.
Formerly: Acts 1973, P.L.268, SEC.1; Acts 1974, P.L.120,
SEC.17. As amended by Acts 1979, P.L.249, SEC.15; P.L.125-1997,
SEC.51; P.L.1-1998, SEC.139; P.L.173-1999, SEC.14; P.L.2-2002,
SEC.80; P.L.84-2016, SEC.115; P.L.145-2017, SEC.10; P.L.114-2025,
SEC.35.