INITIATION OF CLAIM

(a) A grain producer who has delivered grain to a grain buyer may initiate a claim with the board as provided by board rule if: (1) the grain buyer has suffered a financial failure and: (A) has failed to pay to a grain producer an amount owed to the grain producer; or (B) is unable to deliver to the grain producer grain held by the grain buyer for the grain producer as a bailment; and (2) the grain producer provides to the board: (A) written documentation showing that the grain was delivered to the grain buyer; and (B) a copy of the written contract for purchase of the grain signed by the grain producer and the grain buyer and showing: (i) the agreed price for the grain; (ii) the amount of grain purchased; and (iii) any other relevant term required by the board to establish facts related to the claim. (b) A claim under this section must: (1) be initiated: (A) not more than 60 days after the applicable claim initiation date; or (B) before a date determined by the board to be reasonable, if the board determines such a date; and (2) be for a loss of grain delivered to the grain buyer not more than one year before the applicable claim initiation date.