Section 49-45-19 - Revocation of grain buyer license--Time to file claims--Notice.
49-45-19. Revocation of grain buyer license--Time to file claims--Notice. Upon revocation, termination, or cancellation of a grain buyer license, any claim against the grain buyer arising under this chapter shall be made in writing with the commission, grain buyer and surety on the grain buyer bond within six months after receiving notice of revocation, termination, or cancellation. Failure to make a timely claim shall relieve the surety of all obligations to the claimant. However, this section may not be construed to reduce the aggregate liability of the surety to other claimants below the face amount of the bond then in effect. Upon revocation of a grain buyer license, the commission shall cause notice of the revocation to be published once each week for two consecutive weeks in a newspaper of general circulation in each of the counties in which the licensee maintains a business location and in a newspaper of general circulation within the state and shall cause notice of the revocation to be sent by certified mail to all scale ticket holders named in the audit prepared pursuant to § 49-45-18. The notice shall state the name and address of the grain buyer, the effective date of revocation, and the name and address of the surety on the grain buyer bond. The notice shall also state that any claims against the grain buyer shall be made in writing and sent by ordinary mail to the commission, the grain buyer and the surety on the grain buyer bond within six months after receiving notice of revocation. The provisions of this section do not apply if a receiver is appointed as provided in § 49-45-16 before the expiration of six months after receiving notice of revocation, termination, or cancellation of the license.
Source: SL 1989, ch 404, § 8; SL 1992, ch 332, § 7; SL 2008, ch 251, § 18.