Title 26, COMMERCIAL LAW

Sec. 14. (a) A licensee may not cancel an approved bond or approved insurance unless the director has given prior written approval for the cancellation and has received a substitute cash deposit or has approved a substitute bond or insurance. The surety on a bond may cancel a bon…

Sec. 14.2. (a) A licensee under this chapter shall maintain a minimum current ratio of one to one (1:1) or better. The current ratio is determined by dividing a licensee's current assets by the licensee's current liabilities, as demonstrated by the licensee's financial statement …

Sec. 14.4. (a) As demonstrated by the licensee's financial statement submitted to the agency, a licensee under this chapter shall maintain a minimum positive tangible net worth, as required under this section. (b) A licensee shall maintain a minimum positive tangible net worth as…

Sec. 15. (a) A licensee shall maintain inventories of sufficient quantity and grade of grain to meet the licensee's storage obligations. (b) Inventories representing grain evidenced by outstanding warehouse receipts shall be maintained in the warehouse shown on the warehouse rece…

Sec. 16.3. (a) A licensee shall, as a condition of licensure, submit to the agency on an annual basis, and not later than one hundred twenty (120) days after the end of the licensee's fiscal year, the following: (1) A completed annual report in the form and as otherwise required …

Sec. 16.5. (a) Upon learning of the possibility that a shortage exists, either as a result of an inspection or a report or complaint from a depositor, the agency, based on an on-premises inspection, shall make a preliminary determination as to whether a shortage exists. If a shor…

Sec. 16.6. The procedures established by this chapter also apply when the director learns or has reason to believe that a person is doing business as a grain buyer, operating a warehouse, or acting as a buyer-warehouse without the license required by this chapter. As added by Act…

Sec. 16.7. (a) A licensee or claimant subject to the director's action may submit a petition for review and request for administrative adjudication under IC 4-21.5-3 from orders issued by the director under section 16.5 or 17.1 of this chapter. (b) A licensee or claimant may requ…

Sec. 16.8. (a) A lien against all grain assets of a licensee or a person who is required to be licensed under this chapter attaches in favor of the following: (1) A lender or other claimant that has a receipt for grain owned or stored by the licensee. (2) A claimant that has a ti…

Sec. 17.1. (a) Whenever the director, as a result of an inspection or otherwise, has reasonable cause to believe that a person to which this chapter is or may be applicable: (1) is conducting business contrary to this chapter or in an unauthorized manner; or (2) has failed, negle…

Sec. 17.5. (a) Whenever the license of a licensee is revoked, the director shall: (1) for each facility operated by the licensee, publish a public notice in a newspaper of general circulation that serves the county in which the facility is located; and (2) cause notice of the rev…

Sec. 18. When a license is revoked, the licensee shall terminate in the manner prescribed by the director all arrangements covering the grain in the facility covered by the license, but shall be permitted, under the direction and supervision of the director or the director's desi…

Sec. 19. (a) A licensee shall issue a receipt or ticket for grain received. Grain received by a licensee shall be credited to the depositor on the books of the licensee within seven (7) days from the date of its delivery. If a ticket is issued on delivery of the grain for storage…

Sec. 2. The following definitions apply throughout this chapter: (1) "Agency" refers to the Indiana grain buyers and warehouse licensing agency established under section 1 of this chapter. (2) "Anniversary date" means the date that is ninety (90) calendar days after the fiscal ye…

Sec. 2.2. For purposes of determining whether a building or other protected enclosure constitutes a single warehouse that requires a single license under this chapter, the director may consider the following: (1) The presence of a full weighing facility at geographically diverse …

Sec. 20. A licensee may issue a receipt for grain owned by the licensee in whole or in part, located in the licensee's facility. The negotiation, transfer, sale, or pledge of the receipt shall not be defeated by reason of the licensee's ownership. Formerly: Acts 1973, P.L.268, SE…

Sec. 21. Except as provided by this chapter, and regardless of whether the grain was received for storage, shipping, or handling, IC 26-3-2 applies to all transactions involving or incidental to the issuance, negotiation, transfer, sale, endorsement, or other dealings with receip…

Sec. 22. Different lots of the same type of grain delivered to a licensee may be commingled by type of grain unless the receipt or ticket states that the identity of the lot of grain is to be preserved. Formerly: Acts 1973, P.L.268, SEC.1. As amended by P.L.125-1997, SEC.44.

Sec. 23. Upon demand, after payment of all applicable charges, grain shall be returned to the depositor at the licensed facility where the grain was received unless agreed otherwise in writing. Formerly: Acts 1973, P.L.268, SEC.1; Acts 1974, P.L.120, SEC.12. As amended by P.L.125…

Sec. 24. While a receipt or ticket issued under this chapter is outstanding and uncancelled by the issuing licensee, no other receipt or ticket shall be issued for the grain or any part of the grain that is covered by the receipt or ticket. However, if a receipt or ticket is lost…

Sec. 25. Every warehouse receipt issued, whether paper or electronic, shall embody within its terms the following: (1) The type, grade, and quantity of the grain stored as established by the official grain standards of the United States, unless: (A) the identity of the grain is p…

Sec. 26. Every ticket issued shall embody within its terms: (1) the name of the licensee to whom the grain was delivered; (2) the date the grain was delivered; (3) exact information concerning the type, net weight, and grade factors of the grain received; (4) a statement that the…

Sec. 26.5. A licensee may not: (1) enter into a deferred pricing agreement in connection with grain purchases that extends beyond the crop year for the delivered grain; or (2) transfer the deferred pricing agreement to a new deferred pricing agreement beyond the crop year for the…

Sec. 27.5. (a) For purposes of this section, the following apply: (1) "Unencumbered assets" means a licensee's unencumbered assets as demonstrated by the agency's inspection of the licensee's books and records. (2) "Unpaid balance of grain payables" means a licensee's unpaid bala…

Sec. 28. A licensee shall keep in a place of safety complete and correct records and accounts pertaining to the licensee's grain business. The licensee shall retain records and accounts for not less than five (5) years from the date of the final settlement of the transaction. For…

Sec. 29. A licensee shall: (1) conspicuously display the licensee's license in the licensee's main office and at each facility included under the license; (2) conspicuously display in each operational office the approved schedule of charges for services; and (3) conspicuously dis…

Sec. 3. (a) The director may do the following: (1) Require any reports that are necessary to administer this chapter. (2) Administer oaths, issue subpoenas, compel the attendance and testimony of witnesses, and compel the production of records in connection with any investigation…

Sec. 3.5. When computing any period of time under this chapter, including the time of service of a notice, the computation must comply with IC 4-21.5-3-2. As added by P.L.114-2025, SEC.4.

Sec. 30. All receipt forms shall be supplied by the director except where the director, in writing, approves the form and gives permission to a warehouse operator to have receipts printed. Requests for receipts shall be on forms furnished by the director and shall be accompanied …

Sec. 31. (a) Whenever it appears to the satisfaction of the director that a licensee cannot meet the licensee's outstanding grain obligations owed to depositors, or when a licensee refuses to submit the licensee's records or property to lawful inspection, the director shall give …

Sec. 31.2. (a) If the director determines that an informal meeting under this chapter is necessary or appropriate, the following procedures apply: (1) The director shall send a notice of an informal meeting to the licensee. The notice shall set forth the following: (A) Each reaso…

Sec. 31.6. (a) The director may revoke a license by issuing a revocation order upon notice. (b) If a license is revoked under this chapter, the licensee shall do the following: (1) Immediately cease all activities covered by the revoked license. (2) Immediately remove all public …

Sec. 31.8. (a) If a fine is assessed under this chapter, the director shall issue a notice to the person or licensee containing the following: (1) The reasons the director assessed the fine, including citations to the applicable provisions of this chapter under which the fine has…

Sec. 32. (a) The director may apply for, and the courts of this state are vested with jurisdiction to issue, a temporary or permanent injunction against the business operation of a licensee, or the issuance of receipts or tickets without a license and against interference by any …

Sec. 32.5. If the director or the director's designated representative is required or permitted to give notice under this chapter, the notice must contain, in addition to information or content required to be included in the notice under this chapter, the following: (1) The date …

Sec. 33. In addition to all other inspections and investigations authorized by this chapter, the director or the director's designated representative may, upon request of any person having an interest in grain in a licensed warehouse, cause the warehouse to be examined. The direc…

Sec. 34. (a) A person who knowingly or intentionally violates or fails to comply with this chapter commits a Class A misdemeanor. Each day a person violates this chapter constitutes a separate violation. (b) A person who knowingly or intentionally issues a receipt or ticket, know…

Sec. 35. A person licensed under the warehouse act must also have a valid grain buyer license to do business in Indiana as a grain buyer. Formerly: Acts 1973, P.L.268, SEC.1. As amended by P.L.191-1991, SEC.13; P.L.125-1997, SEC.55.

Sec. 36. All fees received by the director under this chapter shall be deposited within thirty (30) days of receipt. Formerly: Acts 1973, P.L.268, SEC.1. As amended by Acts 1979, P.L.17, SEC.53; P.L.139-1996, SEC.12.

Sec. 38. The director or agency may adopt rules under IC 4-22-2 to carry out the purposes and intent of this chapter, including the following: (1) Inspections permitted under this chapter. (2) The receipt and retention of cash deposits. (3) The distribution of interest that may a…

Sec. 39. The office of the attorney general shall provide legal assistance to the division as requested by the director, including representation for petition for reviews filed under IC 4-21.5. As added by P.L.114-2025, SEC.42.

Sec. 4. (a) A person may not operate a warehouse or conduct business as a grain buyer or buyer-warehouse without first having obtained the appropriate license from the agency. (b) A person may not be licensed to operate a particular facility unless all facilities operated by the …

Sec. 4.1. (a) The agency shall mail by first class mail or send electronically a renewal application, which must include a listing of all the licensee's facilities, to each licensee before the end of the licensee's fiscal year. The renewal application form must be completed and r…

Sec. 4.2. (a) If an applicant for a license or a renewal of a license issued under this chapter does not regularly conduct business at a street address at which the applicant usually can be contacted in Indiana, the applicant shall include with the applicant's application a writt…

Sec. 4.4. (a) The agency shall issue the following types of licenses: (1) A grain bank license may be issued to a person that: (A) stores only grain bank grain; (B) has a storage capacity of not more than fifty thousand (50,000) bushels of grain; and (C) purchases less than fifty…

Sec. 4.7. (a) If a licensee desires to relinquish its license issued under this chapter, the licensee shall submit a written request to the director to relinquish the license. The relinquishment request must include a certification from the licensee that the licensee: (1) has ful…