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 may give notice to the licensee to do any of the following:

(1) Cover the shortage with grain that is fully paid for.

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Terms Used In Indiana Code 26-3-7-31

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Probate: Proving a will
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
(2) Give additional bond, letter of credit, or cash deposit as required by the director.

(3) Submit to inspection as the director may deem necessary.

     (b) If the licensee fails to comply with the terms of the notice within five (5) business days from the date of its issuance, or within an extension of time that the director may allow, the director may petition the circuit court, superior court, or probate court of the Indiana county where the licensee’s principal place of business is located seeking the appointment of a receiver. If the court determines in accordance with IC 32-30-5 that a receiver should be appointed, upon the request of the licensee the court may appoint the agency or its representative to act as receiver. The agency or its representative shall not be appointed as receiver except upon the request of the licensee. If the agency or its representative is appointed, any person interested in an action as described in IC 32-30-5-2 may after twenty (20) days request that the agency or its representative be removed as receiver. If the agency or its representative is not serving as receiver, the receiver appointed shall meet and confer with representatives of the agency regarding the licensee’s grain related obligations and, before taking any actions regarding those obligations, the receiver and the court shall consider the agency’s views and comments.

     (c) The director shall inform the corporation of any:

(1) notice or order issued; or

(2) action taken;

under this section.

Formerly: Acts 1973, P.L.268, SEC.1; Acts 1974, P.L.120, SEC.17. As amended by Acts 1979, P.L.249, SEC.15; P.L.125-1997, SEC.51; P.L.1-1998, SEC.139; P.L.173-1999, SEC.14; P.L.2-2002, SEC.80; P.L.84-2016, SEC.115; P.L.145-2017, SEC.10.

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