§ 4.1-58-48 — Notice to receiptholders and credit-sale contract claimants

1. Upon the commissioner's appointment, the commissioner may take possession of
relevant books and records of the warehouseman.
2. The commissioner shall cause a notice of the commissioner's appointment to be
published once each week for two consecutive weeks in a newspaper in the county in
which the warehouse is located and may notify by ordinary mail the holders of record
of outstanding receipts and those that are potential credit-sale contract claimants, as
shown by the warehouseman's records.
3. The notices must require outstanding receiptholders and credit-sale contract claimants
to file claims against the warehouseman with the commissioner along with the

receipts, contracts, or any other evidence of the claims as required by the
commissioner.
4. If an outstanding receiptholder or credit-sale contract claimant fails to submit a claim
within forty-five days after the last publication of the notice or a longer time as
prescribed by the commissioner, the commissioner is relieved of further duty or action
under this chapter on behalf of the receiptholder or credit-sale contract claimant and
the receiptholder or credit-sale contract claimant may be barred from payment for any
amount due.
5. Outstanding receiptholders and credit-sale contract claimants are not parties to the
insolvency action unless admitted by the court upon a motion for intervention.