Warehouse & Storage Strategies
Credit-Sale Contract Indemnity Fund
• The fund was created by the 2003 Legislature. The fund reached the
$6,000,000 cap and collections were suspended on July 1, 2008. Assessments
will remain ceased until the fund balance drops below $3,000,000.
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Fund coverage limit
80% of valid unsatisfied credit-sale contract claim for each insolvency
$280,000
Fund balance
Exceeds $4 million
If claims for indemnity payments from the fund exceed the amount in the fund, the
Commissioner shall prorate the claims and pay the prorated amounts. As future
assessments are collected, the Commission shall continue to forward payments until the
person receives the maximum amount payable.
The chronological order of insolvencies is determined by the date the Commissioner is
appointed trustee.
DAKOTA
NORTH
DEPARTMENT OF
AGRICULTUView entire presentation