§ 26-4-6-8 — Duties of board following failure to pay by warehouse or grain buyer

Indiana § 26-4-6-8

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

Text

After the agency has determined that a grain
buyer or warehouse has defaulted payment or had its license revoked,
the board shall have the following duties:
(1) Determine the valid claims and the amount of such claims to
be paid to claimants for financial losses that were incurred due to
the revocation of a license of a grain buyer or warehouse operator.
(2) Investigate and question claimants as to their marketing
methods and the losses claimed by the claimants.
(3) Obtain credible documentation of any and all losses claimed
by the claimants.
(4) Document, in writing, each claim by having the following
information presented and approved by the board:
(A) Name of the claimant.
(B) How long the grain had been stored or sold.
(C) If title passed, at what price the financial loss was
determined.
(D) If stored, at what price the financial loss was determined.
(E) Whether the financial loss was a result of normal marketing
practices.
Any information submitted under this subdivision by the claimant
must be signed and affirmed under the penalties for perjury.
(5) Authorize payment of money from the fund when necessary
for the purpose of compensating claimants in accordance with the
provisions of this chapter.
(6) Collect money through subrogated claims against bonds filed
under IC 26-3-7 in the place of claimants who collected for a loss
incurred due to the revocation of a license of a warehouse or grain
buyer.
(7) Borrow money as authorized under IC 26-4-3-9 if the fund has
insufficient money to cover approved claims.
(8) Deposit into the fund any remaining grain assets of a grain
buyer or warehouse operator whose license has been revoked for
the purpose of repayment to the fund the money used to pay
claimants, subject to any priority lien right a holder of a mortgage,
security interest, or other encumbrance may possess under any
other applicable law. Any repayment into the fund may not
exceed the principal amount paid to claimants plus interest at the
rate paid on ninety (90) day United States Treasury bills.
(9) If the amount in the fund is insufficient to pay all approved
claims in accordance with this chapter and the board is unable to
borrow funds for whatever reason, authorize payment of all the
approved claims on a pro rata basis.

Legislative History

As added by P.L.250-1995, SEC.1. Amended by P.L.173-1999, SEC.21; P.L.75-2010, SEC.31; P.L.114-2025, SEC.77.