Texas Agriculture Code

§ 41.210 — REIMBURSEMENT OF BOARD BY GRAIN BUYER; SUBROGATION OF RIGHTS; REINSURANCE

AG § 41.210Title 3. AGRICULTURAL RESEARCH AND PROMOTION · Ch. 41. COMMODITY PRODUCERS BOARDS · Art. I. TEXAS GRAIN PRODUCER INDEMNITY BOARD

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(a)If the board pays a claim against a grain buyer, the board is subrogated to the extent of the amount paid to a grain producer by the board to all rights of the grain producer against the grain buyer and any other entity from which the grain producer is entitled to a payment for the loss giving rise to the grain producer's claim under this subchapter.

(b)Funds recovered under this section shall be deposited with the depository bank selected by the board under Section 41.060.

(c)The board may purchase reinsurance policies to mitigate the board's financial risks. Added by Acts 2011, 82nd Leg., R.S., Ch. 991 (H.B. 1840), Sec. 3, eff. September 1, 2011. Amended by:

Legislative history

Acts 2015, 84th Leg., R.S., Ch. 33 (S.B. 1099), Sec. 8, eff. May 19, 2015.