Establishes the Mississippi Grain Indemnity Act to protect grain producers from losses due to the failure of grain dealers.
The Mississippi Grain Indemnity Act establishes a fund to protect grain producers from losses due to the failure of grain dealers. Producers can voluntarily participate by paying an assessment on marketed grain. The fund, administered by the Mississippi Grain Indemnity Board, pays claims for contract and storage losses. The board reviews claims and makes payments on a pro rata basis if the fund is insufficient. The act also sets procedures for determining when a grain dealer has failed and for appealing board decisions.
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