Denial of claim

Sec. 7. The board shall deny the payment of compensation under this chapter to a claimant who has incurred a financial loss or storage loss due to the revocation of a license of a warehouse or grain buyer when the board determines the existence of any of the following: (1) The claimant as payee has failed to present for payment a negotiable instrument issued as payment for grain within ninety (90) days from the date the negotiable instrument is tendered to the claimant in satisfaction of obligations for grain purchased by the licensed grain establishment. (2) The claimant has engaged in conduct or practices that differ from generally accepted marketing practices within the grain industry, as determined by a majority of the board, to an extent that the claimant's actions have substantially contributed to the claimant's loss. The Indiana grain indemnity board may consider whether contracts not excluded under IC 26-3-7 are to be generally accepted marketing practices within the grain industry.