Okla. Stat. tit. 2, § 2-9-45
This is the official text of Okla. Stat. tit. 2, § 2-9-45, part of Oklahoma’s Stat. tit. 2, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 2,." Browse the sections below, each linked to its official government source.
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Administration - Cessation of assessments - Claims for
Official statutory text
losses - Reimbursement of General Revenue Fund - Civil action
claims.
A. The State Department of Agriculture shall administer the
Oklahoma Commodity Storage Indemnity Fund. The Indemnity shall be
established for the benefit of producers who have delivered
commodities to a chartered or licensed public warehouse for storage.
The Indemnity shall compensate producers for losses to their
commodity while it is in the control of a chartered or licensed
public warehouse, except losses covered by insurance as provided in
Section 9-26 of this title. No producer shall be eligible for
compensation or reimbursement as the result of a loss on any
commodity when the title to the commodity has been transferred to
the warehouseman.
B. When the Indemnity reaches Six Million Dollars
($6,000,000.00), the two-mill assessment shall cease at the end of
that harvest season as determined by the Board. If the balance of
the Indemnity becomes less than Six Million Dollars ($6,000,000.00),
the two-mill assessment shall be reinstituted on an annual basis as
necessary to attain a balance of Six Million Dollars ($6,000,000.00)
in the Indemnity. The Department shall have authority to invest the
assessments. All proceeds of the investment shall be placed in the
Indemnity. Fifty Thousand Dollars ($50,000.00) from the interest
income for each year on the total proceeds in the Indemnity shall be
paid to the Department annually for the conducting of warehouse
examinations necessary for the protection of the Indemnity. The
balance of the accrued interest each year may not be utilized for
any purposes not listed in this subarticle and shall remain a part
of the Indemnity.
C. When a loss is incurred upon the commodity of a producer
delivered to a warehouseman or after receipt of the notice pursuant
to Section 9-24 of this title, the producer shall present his or her
claim to the State Board of Agriculture. To verify the claim, the
producer shall present a receipt or any additional evidence required
by the Board. All producer claim payments shall be made by the
Board from the Indemnity as soon as practicable and not later than
one (1) year following the date of claim. The price per bushel of a
commodity shall be established on the day of the loss or seizure and
shall be for the full market value on that day less storage or other
applicable charges. If there is an insufficient amount of cash in
the Indemnity to cover all claims for a certain year, payments shall
Oklahoma Statutes - Title 2. Agriculture Page 444
be made on a pro rata basis up to one hundred percent (100%) of the
total loss of each producer. If payment is not received in the
amount of one hundred percent (100%) of total loss for a certain
year, then additional amounts shall be paid as funds become
available in succeeding years until repayment of one hundred percent
(100%) of total loss is attained. If, at any time, a producer
receives payment totaling more than one hundred percent (100%) of
total loss, the excess payment shall be returned to the Indemnity
within thirty (30) days. Upon final payment of a claim to a
producer from the Indemnity, the producer shall subrogate his or her
interest to the Department in a cause of action against any and all
parties, to the amount of the loss that the producer was reimbursed
by the Indemnity.
D. The producer shall, within sixty (60) days of the order of
the Board establishing the date of loss, present the claim to the
Board. Producers may submit a written request to the Board for a
sixty-day extension of the filing period, if the producers can show
they were not provided notification and reasonable time to file
their claim. If the claim of loss is not presented within the time
and in the manner required, the claim shall be forever barred and
the producer shall forfeit all rights to remuneration or payment as
provided in the Public Warehouse and Commodity Indemnity Act.
sixty-day extension of the filing period, if the producers can show
they were not provided notification and reasonable time to file
their claim. If the claim of loss is not presented within the time
and in the manner required, the claim shall be forever barred and
the producer shall forfeit all rights to remuneration or payment as
provided in the Public Warehouse and Commodity Indemnity Act.
E. If state funds are appropriated to the Indemnity, the Board
shall establish the rules and procedures necessary to ensure that
the State General Revenue Fund shall be reimbursed from the
assessments in an amount equal to the total appropriation made to
the Indemnity. The reimbursement shall be made in a timely manner,
provided the intents and purposes of this section to compensate
producers for their losses shall not be adversely affected.
F. The monies deposited in the Indemnity shall at no time
become part of the general budget of any state board, commission, or
agency except the Department.
G. The Commissioner of the State Department of Agriculture
shall investigate all potential civil action claims against a failed
warehouse, the warehouseman, and any officers, directors and
managers for recovery of any losses paid by the Indemnity.
claims.
A. The State Department of Agriculture shall administer the
Oklahoma Commodity Storage Indemnity Fund. The Indemnity shall be
established for the benefit of producers who have delivered
commodities to a chartered or licensed public warehouse for storage.
The Indemnity shall compensate producers for losses to their
commodity while it is in the control of a chartered or licensed
public warehouse, except losses covered by insurance as provided in
Section 9-26 of this title. No producer shall be eligible for
compensation or reimbursement as the result of a loss on any
commodity when the title to the commodity has been transferred to
the warehouseman.
B. When the Indemnity reaches Six Million Dollars
($6,000,000.00), the two-mill assessment shall cease at the end of
that harvest season as determined by the Board. If the balance of
the Indemnity becomes less than Six Million Dollars ($6,000,000.00),
the two-mill assessment shall be reinstituted on an annual basis as
necessary to attain a balance of Six Million Dollars ($6,000,000.00)
in the Indemnity. The Department shall have authority to invest the
assessments. All proceeds of the investment shall be placed in the
Indemnity. Fifty Thousand Dollars ($50,000.00) from the interest
income for each year on the total proceeds in the Indemnity shall be
paid to the Department annually for the conducting of warehouse
examinations necessary for the protection of the Indemnity. The
balance of the accrued interest each year may not be utilized for
any purposes not listed in this subarticle and shall remain a part
of the Indemnity.
C. When a loss is incurred upon the commodity of a producer
delivered to a warehouseman or after receipt of the notice pursuant
to Section 9-24 of this title, the producer shall present his or her
claim to the State Board of Agriculture. To verify the claim, the
producer shall present a receipt or any additional evidence required
by the Board. All producer claim payments shall be made by the
Board from the Indemnity as soon as practicable and not later than
one (1) year following the date of claim. The price per bushel of a
commodity shall be established on the day of the loss or seizure and
shall be for the full market value on that day less storage or other
applicable charges. If there is an insufficient amount of cash in
the Indemnity to cover all claims for a certain year, payments shall
Oklahoma Statutes - Title 2. Agriculture Page 444
be made on a pro rata basis up to one hundred percent (100%) of the
total loss of each producer. If payment is not received in the
amount of one hundred percent (100%) of total loss for a certain
year, then additional amounts shall be paid as funds become
available in succeeding years until repayment of one hundred percent
(100%) of total loss is attained. If, at any time, a producer
receives payment totaling more than one hundred percent (100%) of
total loss, the excess payment shall be returned to the Indemnity
within thirty (30) days. Upon final payment of a claim to a
producer from the Indemnity, the producer shall subrogate his or her
interest to the Department in a cause of action against any and all
parties, to the amount of the loss that the producer was reimbursed
by the Indemnity.
D. The producer shall, within sixty (60) days of the order of
the Board establishing the date of loss, present the claim to the
Board. Producers may submit a written request to the Board for a
sixty-day extension of the filing period, if the producers can show
they were not provided notification and reasonable time to file
their claim. If the claim of loss is not presented within the time
and in the manner required, the claim shall be forever barred and
the producer shall forfeit all rights to remuneration or payment as
provided in the Public Warehouse and Commodity Indemnity Act.
sixty-day extension of the filing period, if the producers can show
they were not provided notification and reasonable time to file
their claim. If the claim of loss is not presented within the time
and in the manner required, the claim shall be forever barred and
the producer shall forfeit all rights to remuneration or payment as
provided in the Public Warehouse and Commodity Indemnity Act.
E. If state funds are appropriated to the Indemnity, the Board
shall establish the rules and procedures necessary to ensure that
the State General Revenue Fund shall be reimbursed from the
assessments in an amount equal to the total appropriation made to
the Indemnity. The reimbursement shall be made in a timely manner,
provided the intents and purposes of this section to compensate
producers for their losses shall not be adversely affected.
F. The monies deposited in the Indemnity shall at no time
become part of the general budget of any state board, commission, or
agency except the Department.
G. The Commissioner of the State Department of Agriculture
shall investigate all potential civil action claims against a failed
warehouse, the warehouseman, and any officers, directors and
managers for recovery of any losses paid by the Indemnity.
Status: in_force · Read it on the official government site
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