26-3-7-10. Amount of Bond, Cash Deposit, Letter of Credit, or Other Surety; Deficiencies; Penalties
Sec. 10. (a) The minimum amount of bond, letter of credit, or cash deposit required from a licensee is as follows: (1) For a grain bank license or a warehouse license: (A) fifty thousand dollars ($50,000); and (B) ten cents ($0.10) multiplied by the licensed bushel storage capacity of the grain bank or warehouse. (2) […]
26-3-7-11. Repealed
Formerly: Acts 1973, P.L.268, SEC.1. Repealed by Acts 1979, P.L.249, SEC.18.
26-3-7-12. Insurance; Filing of Certificate; Settlement With Depositor in Case of Destruction
Sec. 12. (a) Each applicant for a license under this chapter shall, as a condition to the granting of the license, file or have on file a certificate of insurance evidencing an effective policy of insurance issued by an insurance company authorized to do business in Indiana insuring in the name of the applicant all […]
26-3-7-13. Additional Bond, Cash Deposit, Letter of Credit, or Insurance
Sec. 13. Whenever the director determines that a previously approved bond, letter of credit, cash deposit, or previously approved insurance is insufficient, the director shall require an additional bond, letter of credit, cash deposit, or insurance to be given by the licensee in the form and upon the terms and conditions required by this chapter […]
26-3-7-14. Cancellation of Bond or Insurance; Approval; Notice; Suspension of License
Sec. 14. (a) A licensee may not cancel an approved bond or approved insurance unless the director has given prior written approval for the cancellation and has received a substitute cash deposit or has approved a substitute bond or insurance. The surety on a bond may cancel a bond required by this chapter only after […]
26-3-7-15. Grain Inventories; Sufficiency for Outstanding Warehouse Receipts or Other Storage Obligations
Sec. 15. (a) A licensee shall maintain inventories of sufficient quantity and grade of grain to meet the licensee’s storage obligations. (b) Inventories representing grain evidenced by outstanding warehouse receipts shall be maintained in the warehouse shown on the warehouse receipt issued by the warehouse in which the grain was originally deposited. (c) Inventories representing […]
26-3-7-16. Maintenance of Minimum Net Worth
Sec. 16. (a) A licensee shall have and maintain a current asset to current liability ratio of one to one (1:1) and shall maintain, as evidenced by the financial statement required by section 6 of this chapter, the following minimum positive net worth: (1) For a grain bank, minimum positive net worth is at least […]
26-3-7-16.1. Repealed
As added by Acts 1982, P.L.155, SEC.10. Repealed by P.L.125-1997, SEC.57.
26-3-7-6. Types of Licenses Issued; Application for License; Fees; Payment of Fees; Current Liability Ratio; Review Level Financial Statement Inspection
Sec. 6. (a) The agency shall issue the following licenses: (1) A grain bank license may be issued to a person that: (A) stores only grain bank grain; (B) has a storage capacity of not more than fifty thousand (50,000) bushels of grain; and (C) purchases less than fifty thousand (50,000) bushels of grain per […]
26-3-2-7. Short Title
Sec. 7. This chapter may be cited as the Uniform Warehouse Receipts Act. Formerly: Acts 1921, c.100, s.61. As amended by P.L.152-1986, SEC.306.