§ 26-3-7-4.7 — Relinquishment of license

Indiana § 26-3-7-4.7

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 3: WAREHOUSES
• Ch. 7: Indiana Grain Buyers and Warehouse Licensing and

Text

7. (a) If a licensee desires to relinquish its
license issued under this chapter, the licensee shall submit a written
request to the director to relinquish the license. The relinquishment
request must include a certification from the licensee that the licensee:
(1) has fully satisfied all payment obligations to all producers for
any grain purchased by the licensee including any payment
obligations under any contract, deferred pricing agreement,
deferred payment agreement, or other similar legal instrument;
(2) has no outstanding storage obligations to any licensee or
person;
(3) is not party to any contract, deferred pricing agreement, basis
contract, hold-pay agreement, or other similar legal instrument
under which grain will be delivered to the licensee; and
(4) either does not have receipts in its possession or, if the
licensee has receipts in its possession, the receipts are enclosed or
will be provided to the director or the director's designated
representative to facilitate the recovery of unused receipts under
section 30 of this chapter.
(b) The relinquishment request must include a list of all known
customers of the licensee in the preceding eighteen (18) months and
the last known telephone numbers and mailing addresses of each
person identified.
(c) The agency shall send a notice to each known customer of the
licensee from the list provided in subsection (b) for the preceding
eighteen (18) months.
(d) Before the director may grant the licensee's relinquishment
request the agency shall perform a closeout audit of the licensee.

Legislative History

As added by P.L.114-2025, SEC.9.