(1) A claimant fully compensated under this chapter shall, as a matter of law, be deemed to have subrogated all claimant’s rights on a bond or other pledged financial assets set forth in Sections 75-44-29 and 75-45-305 and all the claimant’s rights to any other compensation from the grain dealer or warehouse operator.
(2) To the extent that a claimant who is fully compensated under this chapter is also entitled to recover under the bonds, set forth in Sections 75-44-29 and 75-45-305, the amount that would be otherwise owed to the claimant of proceeds of the bonds or other pledged financial assets set forth in Sections 75-44-29 and 75-45-305, as alternatives to posting a bond, shall be deposited in the Grain Indemnity Trust Fund by commissioner for the benefit of the Grain Indemnity Trust Fund. The commissioner shall take such steps, including legal action as required to ensure such bond proceeds shall be deposited in accordance with this section.