Kentucky Statutes 251.390 – Kentucky grain insurance fund — Eligibility for coverage — Notice of intent not to be covered by fund, effect of
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(1) Except as provided in subsections (2) and (3) of this section, any claimant who delivers fund-covered grain to a licensed grain dealer or licensed grain warehouse operator shall be eligible for coverage by the fund without regard to whether the claimant resides in Kentucky or another state.
(2) Any person who submits to the department, not later than January 31, a written notice of intent not to be covered by the fund, shall:
(a) Be entitled to receive from the board a refund of any assessments collected from that person pursuant to KRS § 251.640 during the course of that calendar year; and
(b) Remain ineligible for coverage and compensation by the fund for any grain that may be delivered by or on behalf of that person to any licensee during the course of that calendar year.
(3) By submitting a timely written notice of intent not to be covered by the fund as provided under subsection (2) of this section, a person foregoes any protection or eligibility for compensation from the fund for grain that may be delivered during the course of that calendar year. The written notice shall:
(a) Be effective with respect to eligibility for coverage only to the fund-covered grain delivered in that calendar year; and
(b) Not have any effect with respect to eligibility for coverage for fund-covered grain delivered in previous calendar years or in subsequent calendar years.
(4) Any person who does not submit to the department, on or before January 31, a written notification of intent not to be covered by the fund shall:
(a) Not be entitled to receive a refund of any assessments that may be collected from that person pursuant to KRS § 251.640 during the course of that calendar year; and
(b) Remain eligible for coverage by the fund for any fund-covered grain delivered by or on behalf of that person to any licensee during the course of that calendar year.
(5) Any person who submits a written notice of intent not to be covered by the fund shall be deemed also to have given notice of intent not to be covered to the extent of his, her, or its ownership interest in any other entities in which he, she, or it holds such an interest.
Effective: August 1, 2019
History: Created 2019 Ky. Acts ch. 88, sec. 14, effective August 1, 2019.
(2) Any person who submits to the department, not later than January 31, a written notice of intent not to be covered by the fund, shall:
Terms Used In Kentucky Statutes 251.390
- Board: means the State Board of Agriculture. See Kentucky Statutes 251.010
- Claimant: means a person who:
(a) Possesses scale tickets, settlement sheets, ledger cards, or other written evidence of ownership of fund-covered grain stored or possessed by a licensee. See Kentucky Statutes 251.010 - Department: means the Kentucky Department of Agriculture. See Kentucky Statutes 251.010
- Fund: means the Kentucky grain insurance fund established by KRS §. See Kentucky Statutes 251.010
- Fund-covered grain: means grain as used in KRS §. See Kentucky Statutes 251.010
- Grain: means corn, wheat, soybeans, rye, barley, oats, grain sorghums, or popcorn. See Kentucky Statutes 251.010
- Person: means any individual, partnership, firm, corporation, limited liability company, or other corporate entity created under the laws of the Commonwealth or any other jurisdiction. See Kentucky Statutes 251.010
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Warehouse: means any building, structure, or other protected enclosure, permanent or temporary, used or useable for the storage or conditioning of grain. See Kentucky Statutes 251.010
- Year: means calendar year. See Kentucky Statutes 446.010
(a) Be entitled to receive from the board a refund of any assessments collected from that person pursuant to KRS § 251.640 during the course of that calendar year; and
(b) Remain ineligible for coverage and compensation by the fund for any grain that may be delivered by or on behalf of that person to any licensee during the course of that calendar year.
(3) By submitting a timely written notice of intent not to be covered by the fund as provided under subsection (2) of this section, a person foregoes any protection or eligibility for compensation from the fund for grain that may be delivered during the course of that calendar year. The written notice shall:
(a) Be effective with respect to eligibility for coverage only to the fund-covered grain delivered in that calendar year; and
(b) Not have any effect with respect to eligibility for coverage for fund-covered grain delivered in previous calendar years or in subsequent calendar years.
(4) Any person who does not submit to the department, on or before January 31, a written notification of intent not to be covered by the fund shall:
(a) Not be entitled to receive a refund of any assessments that may be collected from that person pursuant to KRS § 251.640 during the course of that calendar year; and
(b) Remain eligible for coverage by the fund for any fund-covered grain delivered by or on behalf of that person to any licensee during the course of that calendar year.
(5) Any person who submits a written notice of intent not to be covered by the fund shall be deemed also to have given notice of intent not to be covered to the extent of his, her, or its ownership interest in any other entities in which he, she, or it holds such an interest.
Effective: August 1, 2019
History: Created 2019 Ky. Acts ch. 88, sec. 14, effective August 1, 2019.