(1) The board is authorized to promulgate rules and regulations necessary for the operation of the board and to provide for a timely process to receive and adjudicate claims submitted in connection to the failure of a first purchaser licensee.
(a) Claims submitted to the board must, at a minimum, meet the following requirements:(a) Must be on a form prescribed by the board;(b) Must be submitted not later than ninety (90) days after the announcement made by the commissioner under Section 75-46-19;(c) Must include a copy of the written agreement for the sale or storage of grain to the failed first purchaser licensee by the producer;(d) Must be made under oath subject to the penalty of perjury, set forth the relevant circumstances and attest that the amount claimed to be owed for the sale of grain to the failed first purchaser licensee by the producer is true and correct; and(e) Must submit a copy of any warehouse receipt, scale ticket or other similar document showing the delivery of grain by the producer to the failed first purchaser licensee.(f) Cannot be a claim for a contract loss or a storage loss arising from a deferred purchase.
(a) Must be on a form prescribed by the board;
(b) Must be submitted not later than ninety (90) days after the announcement made by the commissioner under Section 75-46-19;
(c) Must include a copy of the written agreement for the sale or storage of grain to the failed first purchaser licensee by the producer;
(d) Must be made under oath subject to the penalty of perjury, set forth the relevant circumstances and attest that the amount claimed to be owed for the sale of grain to the failed first purchaser licensee by the producer is true and correct; and
(e) Must submit a copy of any warehouse receipt, scale ticket or other similar document showing the delivery of grain by the producer to the failed first purchaser licensee.
(f) Cannot be a claim for a contract loss or a storage loss arising from a deferred purchase.
(2) Additionally, claimants must file a claim with the commissioner against the bond or other pledged financial assets, as set forth in Sections 75-44-35 and 75-45-311. In the event claimant is fully compensated for his/her storage loss or contract loss, the claimant’s claims under the bond shall be assigned as a matter of law to the commissioner. Any such recovery on the bond shall be deposited into the Grain Indemnity Trust Fund by the commissioner.
(3) The board may authorize the commissioner to extend the time for filing a claim upon a finding that extenuating circumstances exist that warrant an extension.