Indiana Code 26-3-7-16. Maintenance of minimum net worth
(1) For a grain bank, minimum positive net worth is at least one hundred thousand dollars ($100,000).
Terms Used In Indiana Code 26-3-7-16
- Appraisal: A determination of property value.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(A) one hundred thousand dollars ($100,000); and
(B) ten cents ($0.10) multiplied by the bushel storage capacity of the warehouse.
(3) For a grain buyer, minimum positive net worth is:
(A) one hundred thousand dollars ($100,000); or
(B) five cents ($0.05) multiplied by the total number of bushels of grain purchased by the grain buyer during the grain buyer’s most recent fiscal year;
whichever is greater.
(4) For a buyer-warehouse that has a bushel storage capacity of less than one million (1,000,000) bushels or purchases less than one million (1,000,000) bushels of grain per year, minimum positive net worth is:
(A) the sum of:
(i) one hundred fifty thousand dollars ($150,000); and
(ii) ten cents ($0.10) multiplied by the bushel storage capacity of the buyer-warehouse; or
(B) five cents ($0.05) multiplied by the total number of bushels of grain purchased by the buyer-warehouse during the buyer-warehouse’s most recent fiscal year;
whichever is greater.
(5) For a buyer-warehouse that has a bushel storage capacity of at least one million (1,000,000) bushels or purchases at least one million (1,000,000) bushels of grain per year, minimum positive net worth is:
(A) the sum of:
(i) two hundred thousand dollars ($200,000); and
(ii) ten cents ($0.10) multiplied by the bushel storage capacity of the buyer-warehouse; or
(B) five cents ($0.05) multiplied by the total number of bushels of grain purchased by the buyer-warehouse during the buyer-warehouse’s most recent fiscal year;
whichever is greater.
(b) Except as provided in section 10 of this chapter, if a licensee is required to show additional net worth to comply with this section, the licensee may satisfy the requirement by adding to the amount of the bond, letter of credit, or cash deposit required under section 10 of this chapter an amount equal to the additional net worth required or provide another form of surety as permitted under the rules of the agency.
(c) The director may adopt rules under IC 4-22-2 to provide that a narrative market appraisal that demonstrates assets sufficient to comply with this section may satisfy the minimum positive net worth requirement.
Formerly: Acts 1973, P.L.268, SEC.1. As amended by Acts 1979, P.L.249, SEC.10; P.L.125-1997, SEC.34; P.L.253-1997(ss), SEC.26; P.L.173-1999, SEC.7; P.L.64-2009, SEC.8; P.L.60-2015, SEC.11.