TITLE 69

WAREHOUSES

CHAPTER 2

BONDED WAREHOUSE LAW

69-264.  Minimum balance — Subsequent payments. The minimum balance in the commodity indemnity fund, which shall be used exclusively for purposes of paying claimants pursuant to this chapter and chapter 5, title 69, Idaho Code, shall be two hundred fifty thousand dollars ($250,000). At no time shall the balance be allowed to fall below the minimum balance. The director may pay claims, on a pro rata basis if necessary, until the minimum balance is reached. If the director cannot fully pay a claim before the minimum balance is reached, he shall, when the commodity indemnity fund contains sufficient funds, pay off the claim. After three (3) years from the date a claim is approved, the fund shall not be liable for any unpaid amounts.

History:

[69-264, added 1989, ch. 320, sec. 9, p. 832; am. 2001, ch. 304, sec. 15, p. 1110; am. 2002, ch. 259, sec. 45, p. 779; am. 2009, ch. 39, sec. 2, p. 113.]