Sec. 41.210. REIMBURSEMENT OF BOARD BY GRAIN BUYER; SUBROGATION OF RIGHTS; REINSURANCE. (a) If the board pays a claim against a grain buyer, the board is subrogated to the extent of the amount paid to a grain producer by the board to all rights of the grain producer against the grain buyer and any other entity from which the grain producer is entitled to a payment for the loss giving rise to the grain producer's claim under this subchapter.
(b) Funds recovered under this section shall be deposited with the depository bank selected by the board under Section 41.060.
(c) The board may purchase reinsurance policies to mitigate the board's financial risks.
Added by Acts 2011, 82nd Leg., R.S., Ch. 991 (H.B. 1840), Sec. 3, eff. September 1, 2011.
Amended by:
Acts 2015, 84th Leg., R.S., Ch. 33 (S.B. 1099), Sec. 8, eff. May 19, 2015.
Structure Texas Statutes
Title 3 - Agricultural Research and Promotion
Chapter 41 - Commodity Producers Boards
Subchapter I. Texas Grain Producer Indemnity Board
Section 41.202. Declaration of Policy
Section 41.203. Conflict With General Commodity Law Provisions
Section 41.205. Powers and Duties of Board
Section 41.206. Collection of Assessment
Section 41.207. Assessments; Applicability of Other Law
Section 41.208. Initiation of Claim
Section 41.209. Payment of Claim
Section 41.210. Reimbursement of Board by Grain Buyer; Subrogation of Rights; Reinsurance
Section 41.212. Referendum; Balloting
Section 41.213. Notice of Referendum