Sec. 10. "Failed" or "failure" means any of the following:
(1) An inability of a licensee to financially satisfy fully all obligations due a claimant.
(2) A public declaration of a licensee's insolvency.
(3) The nonpayment of a licensee's debts in the ordinary course of business if there is not a good faith dispute.
(4) Revocation or suspension of a licensee's license, if the licensee has outstanding indebtedness owed to claimants.
(5) Voluntary surrender of a licensee's license, if the licensee has outstanding indebtedness to claimants.
(6) Involuntary or voluntary bankruptcy of a licensee.
As added by P.L.250-1995, SEC.1. Amended by P.L.75-2010, SEC.17; P.L.42-2011, SEC.61.
Structure Indiana Code
Article 4. Grain Indemnity Program
Chapter 1. Applicability and Definitions
26-4-1-1. Applicability of Law
26-4-1-2. Applicability of Definitions
26-4-1-5.5. "Conflict of Interest"
26-4-1-6. "Cooperative Agreement"
26-4-1-10. "Failed" or "Failure"
26-4-1-15. "Grain Indemnity Program"
26-4-1-16. "Participant in the Grain Indemnity Program"
26-4-1-21. "United States Warehouse Act"