2014 Kentucky Revised Statutes
CHAPTER 251 - GRAIN WAREHOUSES
251.675 Conditions requiring denial of compensation from Kentucky Grain Insurance Fund.

Download as PDF 251.675 Conditions requiring denial of compensation from Kentucky Grain Insurance Fund. The board shall deny the payment of compensation under KRS 251.670 to any claimant who has incurred a financial loss due to the failure of a licensed grain dealer or warehouse, when the board determines: (1) The claimant has executed a waiver of compensation as part of a forward pricing (delayed pricing) contract which has been filed with the department as required by KRS 251.485. However, the exclusion from coverage shall be limited to the grain or proceeds from grain described in the forward pricing (delayed pricing) contract waiver. (2) The claimant as payee has failed to present for payment a negotiable instrument, issued as payment for grain, within ninety (90) days from the date the negotiable instrument is tendered to the claimant in satisfaction of obligations for grain purchased by the licensed grain establishment. (3) The claimant has engaged in conduct or practices which differ from generally accepted marketing practices within the grain industry to an extent that the claimant's actions have substantially contributed to his financial loss. Effective:July 14, 1992 History: Created 1992 Ky. Acts ch. 76, sec. 2, effective July 14, 1992.