302 KAR 34:040.
Receivership of grain of insolvent dealers and warehousemen.
RELATES TO: KRS
AUTHORITY: KRS 251.700
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.)