Sec. 1. (a) The money in the fund: (1) is not available for any purpose other than the payment of claims approved by the board or refunds to producers who do not want to participate in the fund; and (2) may not be transferred to any other fund. (b) The limiting and nontransferability provision of […]
As added by P.L.250-1995, SEC.1. Repealed by P.L.60-2015, SEC.20.
Sec. 3. (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 […]
Sec. 4. (a) A claimant who has incurred a storage loss due to the failure of a warehouse operator licensed under IC 26-3-7 is entitled to be compensated by the board from the fund for one hundred percent (100%) of the storage loss incurred less all credits and offsets and any producer premium that would […]
As added by P.L.250-1995, SEC.1. Repealed by P.L.75-2010, SEC.35.
Sec. 6. A claimant compensated under this chapter is required to subrogate to the board or corporation all the claimant’s rights to collect on a bond issued under IC 26-3-7 or the United States Warehouse Act and all the claimant’s rights to any other compensation arising from the failure of the grain buyer or warehouse […]
Sec. 7. The board shall deny the payment of compensation under this chapter to a claimant who has incurred a financial loss or storage loss due to the failure of a warehouse or grain buyer when the board determines the existence of any of the following: (1) The claimant as payee has failed to present […]
Sec. 8. After the agency has determined that a grain buyer or warehouse has defaulted payment or failed, 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 failure of a grain buyer […]
