26-4-6-2. Repealed
As added by P.L.250-1995, SEC.1. Repealed by P.L.60-2015, SEC.20.
26-4-4-1. Establishment of Fund; Fiscal Year
Sec. 1. (a) The Indiana grain indemnity fund is established for the purpose of providing money to pay producers for losses incurred due to the failure of a grain buyer or warehouse operator licensed under IC 26-3-7. The fund shall be administered by the board of the corporation. (b) The fund consists of money collected […]
26-4-6-3. Compensation From Fund; Extension
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 […]
26-4-4-2. Fund Administration Expenses
Sec. 2. (a) The administrative expense account is created within the fund. (b) The expenses of administering the fund and paying administrative expenses must be paid from money in the administrative expense account. (c) The board may transfer annually not more than three hundred fifty thousand dollars ($350,000) from the fund to the administrative expense […]
26-4-6-4. Percentage of Compensation; Partial Payments
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 […]
26-4-4-3. Premiums Held in Trust; Investment of Fund; Interest; Reversion
Sec. 3. (a) All producer premiums submitted to the board by a grain buyer under section 6(b) of this chapter shall be held by the corporation in trust in the fund for carrying out the purposes of this article. The treasurer of state shall invest the money in the fund not currently needed to meet […]
26-4-6-5. Repealed
As added by P.L.250-1995, SEC.1. Repealed by P.L.75-2010, SEC.35.
26-4-4-4. Producer Premiums
Sec. 4. (a) Except as provided in section 8 of this chapter, beginning on July 1, 2015, the producers of grain shall be charged a producer premium equal to two-tenths percent (0.2%) of the price on all marketed grain that is sold to a first purchaser licensee. (b) The producer premiums required under this section […]
26-4-4-5. Notice of Producer Premium Deductions
Sec. 5. The agency shall notify each grain buyer licensed under IC 26-3-7 that producer premiums described in section 4 of this chapter shall be deducted from the purchase price of the grain on and after the date specified in the notice. The notice must be sent by first class mail. As added by P.L.250-1995, […]
26-4-3-2. Board of Directors; Establishment; Powers and Duties; Members
Sec. 2. (a) The corporation’s board is created. The governing powers of the corporation are vested in the board, which is composed of thirteen (13) members as described in subsections (b) and (c). (b) The board consists of the following ten (10) voting members: (1) Two (2) members appointed by the largest Indiana organization representing […]