Grainnet

Springifeld, IL—The Illinois Department of Agriculture has scheduled a creditors meeting to explain the liquidation and claims process for The Grain Exchange, a former licensee that operated elevators in Carlyle, Bartelso, Sandoval and Germantown. The meeting will be held Thursday, March 6, at 6 p.m. in the Knights of Columbus Hall, 1471 Fairfax St., in Carlyle.

It is open to anyone with a financial interest in the company’s grain assets, including farmers who currently have grain stored in one of the company’s four facilities or who have not been paid for gain sold to the company.

The Illinois Department of Agriculture assumed control of the Carlyle-based company’s grain assets Monday, March 3, after its Illinois grain dealer and grain warehouse licenses were revoked.

Department examiners still are assessing The Grain Exchange’s ability to pay claims.

However, the company was a member of the Illinois Grain Insurance Fund, which means all grain deposits at its facility are protected under the Illinois Grain Code.

Stored grain is covered at 100 percent of its close-out value as determined by the department.

Grain that was priced within 21 days of the date of failure also is covered at 100 percent, while grain held under a price later contract is protected at 85 percent of the close-out value based on the length of time since delivery and pricing.

If the company’s grain assets ultimately are determined to be insufficient to pay valid claims, the Grain Insurance Fund will make-up the shortfall.

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