§ 26-4-6-3 — Compensation from fund; extension

Indiana § 26-4-6-3

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 4: GRAIN INDEMNITY PROGRAM
• Ch. 6: Payments to Producers Under the Grain Indemnity

Text

(a) Except as provided in subsection (b), within
ninety (90) days of the board's approval of a claim, the board shall
compensate from the fund, in an amount described in section 4 of this
chapter and in the manner described in subsection (c), a claimant who
has incurred a financial loss or storage loss due to the revocation of a
license of a grain buyer or warehouse operator licensed under IC 26-3-7.
(b) The time for payment may be extended if the board and claimant
mutually agree and put the terms of the payment in writing.
(c) 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 board prior written notice of the security interest with
respect to the grain described in subdivision (1) sufficient to
give the board a reasonable opportunity to cause the issuance
of a joint check under this subsection;
the board may compensate the claimant described in subdivision (1) in
the amount to which the claimant is entitled under section 4 of this
chapter by causing the 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.

Legislative History

As added by P.L.250-1995, SEC.1. Amended by P.L.115-1999, SEC.5; P.L.1-2002, SEC.102; P.L.75-2010, SEC.28; P.L.114-2025, SEC.73.