43-32-202 - Purpose Tennessee grain indemnity fund. - Tennessee Statutes

43-32-202. Purpose Tennessee grain indemnity fund.

It is the purpose of this part to promote the state's welfare by improving the economic stability of agriculture. It is declared to be in the public interest and highly advantageous to the agricultural economy of the state that producers of grain be permitted, by referendum, to levy upon themselves an assessment of one cent (1¢) per bushel on soybeans and one-half cent (½¢) per bushel on all other grain, and provide for the collection of the assessment for the purpose of financing or contributing to the financing of the Tennessee grain indemnity fund, which is created as a separate fund within the department of agriculture to protect commodity producers in the event of the financial failure of a commodity dealer or warehouseman, and to ensure the existence of adequate funds so the commodity producers and claimants may be compensated for losses occasioned by the failure of a commodity dealer or warehouseman.

[Acts 1989, ch. 232, § 11; 1997, ch. 387, § 2.]