Minimum Balance — Subsequent Payments

TITLE 69 WAREHOUSES CHAPTER 2 BONDED WAREHOUSE LAW 69-264. Minimum balance — Subsequent payments. The minimum balance in the commodity indemnity fund, which shall be used exclusively for purposes of paying claimants pursuant to this chapter and chapter 5, title 69 , Idaho Code, shall be two hundred fifty thousand dollars ($250,000). At no time shall the balance be allowed to fall below the minimum balance. The director may pay claims, on a pro rata basis if necessary, until the minimum balance is reached. If the director cannot fully pay a claim before the minimum balance is reached, he shall, when the commodity indemnity fund contains sufficient funds, pay off the claim. After three (3) years from the date a claim is approved, the fund shall not be liable for any unpaid amounts.