302 KAR 34:040.

Receivership of grain of insolvent dealers and warehousemen.

 

      RELATES TO: KRS

251.680, 251.700

      STATUTORY

AUTHORITY: KRS 251.700

      NECESSITY,

FUNCTION, AND CONFORMITY: To clarify the role of the Department of Agriculture

in protecting stored grain in the event of a grain dealer insolvency.

 

      Section 1. In

the event of an insolvency at a grain dealer/warehouse the Commissioner of the

Kentucky Department of Agriculture may take special receivership of any grain

found at the facility to insure that the grain is not lost through theft,

weather, etc. The department may sell the grain and place the money in escrow

for the benefit of the owners at such time as the owners are determined. (12

Ky.R. 293; eff. 9-10-85.)