1. Upon the insolvency of any warehouseman, a trust fund must be established:
a. For the benefit of noncredit-sale receiptholders of the insolvent warehouseman,
other than those who have waived their rights as beneficiaries of the trust fund in
accordance with section 60-02-11; and
b. To pay the costs incurred by the commissioner in the administration of this chapter.
2. The trust fund consists of the following:
a. The grain in the warehouse of the insolvent warehouseman or the proceeds as obtained
through the sale of such grain;
b. The proceeds, including accounts receivable, from any grain sold from the time
of the filing of the claim that precipitated an insolvency until the commissioner
is appointed trustee;
c. The proceeds of insurance policies upon grain destroyed in the elevator;
d. The claims for relief, and proceeds from the claims for relief, for damages upon
any bond given by the warehouseman to ensure faithful performance of the duties of
e. The claims for relief, and proceeds from the claims for relief, for the conversion
of any grain stored in the warehouse;
f. Unencumbered accounts receivable for grain sold before the filing of the claim
that precipitated an insolvency;
g. Unencumbered equity in grain hedging accounts; and
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