2005 Idaho Code - 69-266 — PAYMENT FROM FUND -- DEBT OF WAREHOUSEMAN OR DEALER OR SURETY -- REIMBURSEMENT -- ACCRUAL OF CAUSE OF ACTION

                                  TITLE  69
                                  WAREHOUSES
                                  CHAPTER 2
                             BONDED WAREHOUSE LAW
    69-266.  PAYMENT FROM FUND -- DEBT OF WAREHOUSEMAN OR DEALER OR SURETY --
REIMBURSEMENT -- ACCRUAL OF CAUSE OF ACTION. Amounts paid from the commodity
indemnity fund in satisfaction of any approved claim shall constitute a debt
and obligation of the warehouseman, dealer, or surety against whom the claim
was made. The director may bring suit on behalf of the commodity indemnity
fund in the district court of Ada county to recover from the warehouseman,
dealer, or surety the amount of the payment made from the commodity indemnity
fund, together with costs and attorney's fees incurred in maintaining the
suit. In the event the department initiates an action against a warehouseman,
dealer, or surety the department's claim is deemed to accrue and relate back
to the time that each producer who received a commodity indemnity fund payment
incurred a loss in the facility.  In no event shall a commodity indemnity fund
payment be deemed to be beyond the reimbursement from the warehouseman,
dealer, or surety merely because the payment may have occurred after the
facility closed. Any recovery for reimbursement to the fund shall bear
interest at the statutory rate from the date of failure.