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.)