Indiana § 26-4-6-4 - Percentage of compensation; partial payments; storage loss

§ 26-4-6-4. Percentage of compensation; partial payments; storage loss

Sec. 4. (a) A claimant who has incurred a storage loss due to the revocation of a warehouse operator license 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 have been due on the sale of the grain. The gross amount of the storage loss shall be as determined by the agency for warehouses licensed under IC 26-3-7 or by the United States Department of Agriculture for warehouses licensed under the United States Warehouse Act. The warehouse operator, agency, and claimants may submit to the board evidence related to outstanding charges against stored grain. If the evidence is submitted, the agency shall determine the storage loss payable by the board. However, the outstanding charges may not include uncollected storage charges.

(b) Before a storage loss may be paid, the producer must provide to the board evidence that storage fees were paid to the facility for the time during which the grain was stored. The board shall use the following minimum storage fees to determine the storage loss:

(1) Barley and barley seed: Five cents ($0.05) per month, per bushel.

(2) Canola and canola seed: Five cents ($0.05) per month, per bushel.

(3) Corn and corn seed: Five cents ($0.05) per month, per bushel.

(4) Lentils and lentil seed: Five cents ($0.05) per month, per bushel.

(5) Oats and oat seed: Five cents ($0.05) per month, per bushel.

(6) Popcorn and popcorn seed: Ten cents ($0.10) per month, per bushel.

(7) Rye and rye seed: Five cents ($0.05) per month, per bushel.

(8) Sorghum and sorghum seed: Five cents ($0.05) per month, per bushel.

(9) Soybeans and soybean seed: Fifteen cents ($0.15) per month, per bushel.

(10) Sunflower and sunflower seed: Five cents ($0.05) per month, per bushel.

(11) Wheat and wheat seed: Five cents ($0.05) per month, per bushel.

(12) All other field crops and other field crop seed: Five cents ($0.05) per month, per bushel.

(c) A claimant who has incurred a financial loss due to the revocation of a license of a grain buyer is entitled to be compensated by the board from the fund for eighty percent (80%) of the loss incurred less all credits and offsets and any producer premium that should have been due on the sale of the grain. The board shall determine the loss incurred in the following manner:

(1) For grain that has been priced, the loss shall be the value of the priced grain less any outstanding charges against the grain.

(2) For grain sold to a grain buyer, where the title to the grain has passed to the grain buyer, who is also a warehouse operator and that has not been priced, the loss shall be established using the price determined for the storage obligations.

(3) For grain sold to a grain buyer who is not a warehouse operator and that has not been priced, the loss shall be established using a price determined by the agency using the same procedures used by the agency to determine the price at the warehouse.

(d) If a producer appeals under IC 4-21.5-3 an order issued by the director under IC 26-3-7-16.5 that postpones the agency from notifying the board of the amount of loss for proven claimants under IC 26-3-7-16.5(m), the board may issue partial payments to any claimants who have not appealed their claims.

As added by P.L.250-1995, SEC.1. Amended by P.L.75-2010, SEC.29; P.L.145-2017, SEC.21; P.L.114-2025, SEC.74.