{"data":{"id":"us-ok/okla.-stat.-tit.-2-2-9-24","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 2, § 2-9-24","heading":"Suspension, revocation or surrender of charter, license or","body":"bond - Indemnity Fund lien - Venue - Notice - Renewal of charter -\n\nSeizure of commodities - Identification and date of loss - Claim of\n\nloss.\n\nA. 1. Upon the suspension, revocation, or voluntary surrender\n\nof the state charter, federal license, or bond of a warehouseman or\n\npublic warehouse, a statutory lien shall be and hereby is imposed on\n\nall assets of the warehouseman or public warehouse in favor of the\n\nOklahoma Commodity Storage Indemnity Fund on behalf of all\n\ndepositors who are eligible to file a claim pursuant to subsection I\n\nof this section.\n\n2. The lien and payment rights of all depositors are hereby\n\nassigned to the Indemnity for purposes of implementing this section.\n\n3. To perfect the lien, the Oklahoma Department of Agriculture,\n\nFood, and Forestry, on behalf of the Indemnity, shall file a lien\n\nstatement with the Oklahoma County Clerk.\n\n4. The lien shall become effective and deemed fully perfected\n\nimmediately upon filing of the lien statement.\n\na. The initial lien amount shall be based on a reasonable\n\nestimate of the amounts paid by the Department and the\n\nIndemnity and other costs and expenses described in\n\nthis section.\n\nb. The lien statement shall be filed only on or after the\n\ndate of the suspension, revocation, or voluntary\n\nsurrender of the state charter, federal license, or\n\nbond of the subject warehouseman or public warehouse\n\nbut not later than sixty (60) days after the\n\nincurrence of the triggering event.\n\nc. The lien statement shall disclose the name of the\n\nwarehouseman or public warehouse, the address of the\n\nparty’s principal place of business, a description of\n\nany known and identifiable warehouseman or warehouse\n\nassets or a statement that none are known at such\n\ntime, and the amount of the lien.\n\n5. The amount of the lien shall be the aggregate of:\n\na. the amount of the incurred by the Department and the\n\nIndemnity for the conduct of salvage operations of the\n\nwarehouseman or public warehouse,\n\nb. all amounts paid by the Department and the Indemnity\n\nto depositors of the warehouseman or public warehouse\n\nfrom the Oklahoma Commodity Storage Indemnity Fund,\n\nincluding but not limited to the final cost of\n\nreimbursing the depositors and the Indemnity for the\n\npayment of claims made against the fund,\n\nc. associated costs and expenses, if any, and\n\nd. accrued interest at the rate of ten percent (10%) per\n\nannum.\n\n6. The Department, on behalf of the Indemnity, shall file a\n\ncorrected lien statement to revise the estimated amount of the lien\n\nnot later than one hundred eighty (180) days following the\n\nincurrence date; however, the failure to file a corrected lien\n\nstatement shall not affect the validity or the amount of the subject\n\nlien.\n\n7. The District Court of Oklahoma County, upon petition by one\n\nor more producers, may undertake an action to correct the lien\n\namount. The Department, on behalf of the Indemnity, shall have the\n\nburden of proving by a preponderance of the evidence that any\n\nestimated lien amount is an accurate estimate.\n\n8. A lien statement filed under this section shall be a\n\nsecurity interest perfected under the uniform commercial code in\n\neffect in Oklahoma and subject to the same priority as provided in\n\nSection 1-9-322 of Title 12A of the Oklahoma Statutes except that\n\nthe subject lien statement shall have priority over any levies or\n\nliens for taxes regardless of the time when the subject lien\n\nstatement or any such tax levies or lien arises.\n\n9. The lien statement may be collected in any manner allowed by\n\nlaw including levy upon all property of the warehouseman or public\n\nwarehouse in the same manner as the levy of an execution.\n\n10. The Department, on behalf of the Indemnity, shall upon\n\nwritten demand of the warehouseman or public warehouse file a\n\ntermination statement with the Oklahoma County Clerk, if the license\n\nof the warehouseman is not revoked, suspended, surrendered,\ny manner allowed by\n\nlaw including levy upon all property of the warehouseman or public\n\nwarehouse in the same manner as the levy of an execution.\n\n10. The Department, on behalf of the Indemnity, shall upon\n\nwritten demand of the warehouseman or public warehouse file a\n\ntermination statement with the Oklahoma County Clerk, if the license\n\nof the warehouseman is not revoked, suspended, surrendered,\n\nterminated, or canceled after one hundred eighty (180) days from the\n\ndate the lien statement is perfected.\n\na. upon filing of the termination statement, the lien\n\nbecomes unperfected.\n\nb. the Department, on behalf of the Indemnity, shall\n\ndeliver a copy of the termination statement to the\n\nwarehouseman or public warehouse.\n\nB. The District Court of Oklahoma County shall be the sole\n\nvenue for questions of jurisdiction or venue in all civil actions\n\nchallenging the acts of the Department in the administration of the\n\nPublic Warehouse and Commodity Indemnity Act.\n\nC. The Department shall publish notice for two (2) consecutive\n\nweeks in a newspaper of general circulation in the area of the\n\npublic warehouse when the warehouse charter is suspended or revoked.\n\nD. When the charter of a warehouseman is renewed after\n\nsuspension or revocation, the Department shall publish notice for\n\ntwo (2) consecutive weeks in a newspaper of general circulation in\n\nthe area of the public warehouse that the warehouse is in compliance\n\nwith the Public Warehouse and Commodity Indemnity Act.\n\nE. Upon the suspension, revocation, or voluntary surrender of\n\nthe charter, the Department may seize all commodities under the\n\ncontrol of the warehouseman or public warehouse, including\n\ncommodities stored or forwarded to other locations. The Department,\n\nupon suspension, revocation, or surrender of the charter, shall\n\nseize all commodity stocks of the warehouseman or public warehouse\n\nincluding any commodities stored or forwarded to other locations and\n\nsell the commodities. Funds generated by the sale of seized\n\ncommodities shall be distributed in the following manner:\n\n1. The Department shall receive an amount equal to the cost of\n\nsalvage operations;\n\n2. All remaining funds shall be proportioned among all\n\ndepositors storing commodities with the warehouseman. No person\n\nshall receive payment of funds greater than the fair market value of\n\nthe commodity lost by the depositors on the date of seizure;\n\n3. Funds generated in excess of the payments required by the\n\nPublic Warehouse and Commodity Indemnity Act shall be deposited in\n\nthe Indemnity; and\n\n4. The persons responsible for violations of the Public\n\nWarehouse and Commodity Indemnity Act resulting in a charter\n\nsuspension, revocation, or surrender, or commodity seizure shall not\n\nbe eligible to claim or recover proceeds from the sale or interest\n\naccrued on the proceeds from the sale of seized commodities unless\n\napproved by the State Board of Agriculture.\n\nF. A person storing commodities with a warehouseman not holding\n\na valid charter or federal license is not eligible to file a claim\n\nor recover damages under the Public Warehouse and Commodity\n\nIndemnity Act.\n\nG. 1. Upon suspension, revocation, or surrender of the\n\nwarehouse charter, the Department shall identify any loss to the\n\ndepositors and obtain proof. The Department shall immediately\n\nnotify any bonding company providing a bond for a loss. As soon as\n\npracticable, the Department shall communicate the amount of the\n\nloss, proof, and the date of loss and seizure to the bonding\n\ncompany. The bonding company shall within thirty (30) calendar days\n\nremit to the Department the amount of the loss or the face amount of\n\nthe bond, whichever is less.\n\n2. Failure by the bonding company to surrender the funds shall\n\nresult in a nonrefundable penalty assessment payable to the\n\nDepartment of one percent (1%) per month plus interest of one\n\npercent (1%) per month of the face amount of the bond commencing\ncompany shall within thirty (30) calendar days\n\nremit to the Department the amount of the loss or the face amount of\n\nthe bond, whichever is less.\n\n2. Failure by the bonding company to surrender the funds shall\n\nresult in a nonrefundable penalty assessment payable to the\n\nDepartment of one percent (1%) per month plus interest of one\n\npercent (1%) per month of the face amount of the bond commencing\n\nwith the date of loss and continuing until the surety funds are\n\nsurrendered. The Department shall account for all the surety\n\nreceived until all depositor claims against the charter holder are\n\npaid as provided in the Public Warehouse and Commodity Indemnity\n\nAct. When all claims have been paid, all unexpended bond surety\n\nfunds including accrued interest, except penalties, shall be\n\nreturned to the bonding company.\n\n3. The provisions of this section shall not prohibit the\n\nDepartment from pursuing any other remedy provided by law.\n\nH. The Department shall establish a date of loss which shall be\n\nthe same as the date of seizure for all claims of loss against a\n\nwarehouseman. The Department shall publish the date of loss as set\n\nforth in subsection C of this section and shall notify by registered\n\nmail all depositors who may have a claim against a warehouseman of\n\nthe date of loss and deadline for filing claims.\n\nI. To be eligible to file a claim of loss and receive payment\n\nas provided in the Public Warehouse and Commodity Indemnity Act, a\n\nperson shall establish ownership or title to commodities stored or\n\nwarehoused with the warehouseman or public warehouse against whom\n\nthe loss is alleged. Evidence of ownership or title shall include\n\nuncanceled warehouse receipts or scale tickets. The Department\n\nshall determine the sufficiency of evidence of ownership or title.\n\nJ. Depositors shall, within sixty (60) days of the order of the\n\nDepartment establishing the date of loss, file a written claim of\n\nloss with the Department. Depositors may submit a written request\n\nto the Board for a sixty-day extension of the filing period, if the\n\ndepositors can show they were not provided notification and\n\nreasonable time to file the claim. If the claim of loss is not\n\nfiled within the allotted time, the depositor shall forfeit all\n\nrights to remuneration or payment.","path":["OK Code","Title 2"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os2.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"c2d6b52673411080fe28eb0d50a35fac8105e512a663455901da616e93cbb63d","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-2-2-9-23","next":"us-ok/okla.-stat.-tit.-2-2-9-25"},"notice":"GroundRules: Original legal text. Not legal advice."}