Sec. 12. (a) Each applicant for a license under this chapter shall, as a condition to the granting of the license, file or have on file a certificate of insurance evidencing an effective policy of insurance issued by an insurance company authorized to do business in Indiana insuring in the name of the applicant all grain that is or may be in the licensee's facilities for its full market value against loss by fire, internal explosion, lightning, and windstorm.
(b) In case fire, internal explosion, lightning, or wind-storm destroys or damages any grain in a licensed facility, the licensee shall, upon demand by the depositor and upon being presented with the receipt or other evidence of ownership, make settlement, after deducting the licensee's charges and advances, at the market value of the grain based on the value at the average price paid for grain of the same grade and quality on the date of the loss at the location of the facility. If a settlement is not made within sixty (60) days from the date of demand, the depositor is entitled to seek recovery from the insurance company.
Formerly: Acts 1973, P.L.268, SEC.1; Acts 1975, P.L.277, SEC.8. As amended by P.L.125-1997, SEC.30.
Structure Indiana Code
Chapter 7. Indiana Grain Buyers and Warehouse Licensing and Bonding Law
26-3-7-1. Indiana Grain Buyers and Warehouse Licensing Agency; Employees
26-3-7-1.5. Liberal Construction
26-3-7-2.2. Determination of a Single Warehouse
26-3-7-3. Powers and Duties of Director
26-3-7-4. License; Application; Exemptions; Suspension or Revocation; Prohibited Operation
26-3-7-4.1. Renewal Application
26-3-7-5. Inspection and Certification of Scales
26-3-7-6.1. Financial Statement; Fines
26-3-7-6.3. Grain Buyers and Warehouse Licensing Agency License Fee Fund
26-3-7-6.5. Disclosure of Information; Investigations
26-3-7-7. Issuance of License or Permit; False Statements; Applicant's Qualifications
26-3-7-8.5. Licensing Requirements of Successor Owner
26-3-7-9. Bond, Cash Deposit, or Letter of Credit
26-3-7-10. Amount of Bond, Cash Deposit, Letter of Credit, or Other Surety; Deficiencies; Penalties
26-3-7-12. Insurance; Filing of Certificate; Settlement With Depositor in Case of Destruction
26-3-7-13. Additional Bond, Cash Deposit, Letter of Credit, or Insurance
26-3-7-14. Cancellation of Bond or Insurance; Approval; Notice; Suspension of License
26-3-7-16. Maintenance of Minimum Net Worth
26-3-7-16.5. Determination of Shortages; Payment of Claims; Hearings and Procedures
26-3-7-16.8. Liens on Grain Assets
26-3-7-17.1. Possible Violations; Powers of Director; Procedures
26-3-7-17.5. Notice of Suspension or Revocation of License; Notice of Denial of Application
26-3-7-18. Revocation, Expiration, or Suspension of License; Effect Upon Operation
26-3-7-19. Receipt of Grain; Ownership of Deposited Grain
26-3-7-20. Grain Owned by Licensee; Receipts; Transfer
26-3-7-21. Uniform Warehouse Receipts Act; Application to Transactions
26-3-7-22. Commingling of Grain
26-3-7-23. Return of Grain to Depositor
26-3-7-24. Duplicate Receipts; Restriction; Requisites; Bond
26-3-7-26.5. Deferred Pricing Agreement; Conditions; Penalties
26-3-7-28. Records and Accounts; Retention
26-3-7-29. Display of License or Permit; Schedule of Charges; Sign
26-3-7-30. Receipt Forms; Requests; Cost; Requisites for Accountability
26-3-7-31. Grain Shortages; Appointment of Receiver; Notice of Actions and Orders
26-3-7-32. Injunctions; Unlawful Removal of Grain; Temporary Restraining Orders
26-3-7-33. Examination of Warehouse; Fee; Expenses