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251.670 Payment of compensation.
(1)
(2)
(3)
Within ninety (90) days of the board's approval of a valid claim, the board shall,
in accordance with the provisions of this section, compensate from the grain
indemnity trust fund any claimant who has incurred a financial loss due to a
failure of a grain dealer or warehouseman.
Any claimant who has incurred a financial loss due to a failure of a licensed
grain dealer shall be entitled to be compensated for eighty percent (80%) of a
valid claim, to a maximum of two hundred thousand dollars ($200,000), with
moneys from the Kentucky grain insurance fund, provided that the claim is
brought within one (1) year from the time the claimant receives actual notice of
the grain dealer's failure. To the maximum extent that funds are or may be
made available for the purpose of paying a claim, the remaining balance of the
claim shall be paid by the board from the assets and other security of the failed
grain dealer, provided that any claimant who has incurred a financial loss due
to the failure of a grain dealer and who has surrendered a warehouse receipt
for payment shall be compensated for one hundred percent (100%) of a valid
claim.
Any claimant who has incurred a financial loss due to a failure of a licensed
grain warehouseman shall be entitled to be compensated for eighty-five
percent (85%) of a valid claim with moneys from the Kentucky grain insurance
fund, provided that the claim is brought within one (1) year from the time the
claimant receives actual notice of the warehouseman's failure. To the
maximum extent that funds are or may be made available for the purpose of
paying a claim, the remaining balance of the claim shall be paid by the board
from the assets and other security of the failed grain warehouse, provided that
any claimant who has incurred a financial loss due to the failure of a grain
warehouse and who has surrendered a warehouse receipt for payment shall be
compensated for one hundred percent (100%) of a valid claim.
Effective:June 25, 2009
History: Amended 2009 Ky. Acts ch. 61, sec. 6, effective June 25, 2009. -Amended 1990 Ky. Acts ch. 396, sec. 7, effective July 13, 1990. -- Created 1984
Ky. Acts ch. 389, sec. 8, effective July 13, 1984.
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