{"data":{"id":"us-ok/okla.-stat.-tit.-2-2-9-45","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 2, § 2-9-45","heading":"Administration - Cessation of assessments - Claims for","body":"losses - Reimbursement of General Revenue Fund - Civil action\n\nclaims.\n\nA. The State Department of Agriculture shall administer the\n\nOklahoma Commodity Storage Indemnity Fund. The Indemnity shall be\n\nestablished for the benefit of producers who have delivered\n\ncommodities to a chartered or licensed public warehouse for storage.\n\nThe Indemnity shall compensate producers for losses to their\n\ncommodity while it is in the control of a chartered or licensed\n\npublic warehouse, except losses covered by insurance as provided in\n\nSection 9-26 of this title. No producer shall be eligible for\n\ncompensation or reimbursement as the result of a loss on any\n\ncommodity when the title to the commodity has been transferred to\n\nthe warehouseman.\n\nB. When the Indemnity reaches Six Million Dollars\n\n($6,000,000.00), the two-mill assessment shall cease at the end of\n\nthat harvest season as determined by the Board. If the balance of\n\nthe Indemnity becomes less than Six Million Dollars ($6,000,000.00),\n\nthe two-mill assessment shall be reinstituted on an annual basis as\n\nnecessary to attain a balance of Six Million Dollars ($6,000,000.00)\n\nin the Indemnity. The Department shall have authority to invest the\n\nassessments. All proceeds of the investment shall be placed in the\n\nIndemnity. Fifty Thousand Dollars ($50,000.00) from the interest\n\nincome for each year on the total proceeds in the Indemnity shall be\n\npaid to the Department annually for the conducting of warehouse\n\nexaminations necessary for the protection of the Indemnity. The\n\nbalance of the accrued interest each year may not be utilized for\n\nany purposes not listed in this subarticle and shall remain a part\n\nof the Indemnity.\n\nC. When a loss is incurred upon the commodity of a producer\n\ndelivered to a warehouseman or after receipt of the notice pursuant\n\nto Section 9-24 of this title, the producer shall present his or her\n\nclaim to the State Board of Agriculture. To verify the claim, the\n\nproducer shall present a receipt or any additional evidence required\n\nby the Board. All producer claim payments shall be made by the\n\nBoard from the Indemnity as soon as practicable and not later than\n\none (1) year following the date of claim. The price per bushel of a\n\ncommodity shall be established on the day of the loss or seizure and\n\nshall be for the full market value on that day less storage or other\n\napplicable charges. If there is an insufficient amount of cash in\n\nthe Indemnity to cover all claims for a certain year, payments shall\n\nbe made on a pro rata basis up to one hundred percent (100%) of the\n\ntotal loss of each producer. If payment is not received in the\n\namount of one hundred percent (100%) of total loss for a certain\n\nyear, then additional amounts shall be paid as funds become\n\navailable in succeeding years until repayment of one hundred percent\n\n(100%) of total loss is attained. If, at any time, a producer\n\nreceives payment totaling more than one hundred percent (100%) of\n\ntotal loss, the excess payment shall be returned to the Indemnity\n\nwithin thirty (30) days. Upon final payment of a claim to a\n\nproducer from the Indemnity, the producer shall subrogate his or her\n\ninterest to the Department in a cause of action against any and all\n\nparties, to the amount of the loss that the producer was reimbursed\n\nby the Indemnity.\n\nD. The producer shall, within sixty (60) days of the order of\n\nthe Board establishing the date of loss, present the claim to the\n\nBoard. Producers may submit a written request to the Board for a\n\nsixty-day extension of the filing period, if the producers can show\n\nthey were not provided notification and reasonable time to file\n\ntheir claim. If the claim of loss is not presented within the time\n\nand in the manner required, the claim shall be forever barred and\n\nthe producer shall forfeit all rights to remuneration or payment as\n\nprovided in the Public Warehouse and Commodity Indemnity Act.\nsixty-day extension of the filing period, if the producers can show\n\nthey were not provided notification and reasonable time to file\n\ntheir claim. If the claim of loss is not presented within the time\n\nand in the manner required, the claim shall be forever barred and\n\nthe producer shall forfeit all rights to remuneration or payment as\n\nprovided in the Public Warehouse and Commodity Indemnity Act.\n\nE. If state funds are appropriated to the Indemnity, the Board\n\nshall establish the rules and procedures necessary to ensure that\n\nthe State General Revenue Fund shall be reimbursed from the\n\nassessments in an amount equal to the total appropriation made to\n\nthe Indemnity. The reimbursement shall be made in a timely manner,\n\nprovided the intents and purposes of this section to compensate\n\nproducers for their losses shall not be adversely affected.\n\nF. The monies deposited in the Indemnity shall at no time\n\nbecome part of the general budget of any state board, commission, or\n\nagency except the Department.\n\nG. The Commissioner of the State Department of Agriculture\n\nshall investigate all potential civil action claims against a failed\n\nwarehouse, the warehouseman, and any officers, directors and\n\nmanagers for recovery of any losses paid by the Indemnity.","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":"abde21d6ed13ee50aba5f832eba3f228841d109f1750670e20f2d4b9a93242a1","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-2-2-9-44","next":"us-ok/okla.-stat.-tit.-2-2-9-46"},"notice":"GroundRules: Original legal text. Not legal advice."}