IDOA revokes licenses for grain company in southern IL - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

IDOA revokes licenses for grain company in southern IL

(Source: Stock image/Pixabay) (Source: Stock image/Pixabay)
SOUTHERN ILLINOIS (KFVS) -

The Illinois Department of Agriculture revoked the grain dealer and warehouse licenses belonging to Keller Grain Company, Inc.

The company has two locations in southern Illinois, one in Jonesboro and one in Anna.

The licenses were revoked following an administrative hearing to address the suspension of the facility's licenses for failure to pay a producer, on demand, for grain bought from that producer. The company was ordered to cease and desist doing further business.

The IDOA has assumed control of the company, including its grain assets, and will begin the process of compensating claimants per the Illinois Grain Code.

Anyone who has sold grain to the company and has not been paid in full or has grain stored in the company's 547,000-bushel facilities should either contact the Department's Bureau of Warehouses to file a claim.

The deadline to file claims is March 29, 2017 or seven days from the date notice was mailed to a particular claimant, whichever is later.

Keller Grain Company was a member of the Illinois Grain Insurance Fund, which means valid claimants at the facility are protected under the Illinois Grain Code.

Provisions for compensation under the Illinois Grain Code are as follows:

  • Grain that was delivered and priced within 21 days before the date of failure is covered at 100 percent
  • Grain that was priced 22-160 days of the date of failure is covered at 85 percent
  • Grain sold on a price later contract is protected at 85 percent of closeout value within 365 days of delivery
  • Depositors with evidence of grain in storage are covered for 100 percent of losses up to $1 million maximum per claimant. No time limit exists for warehouse claims

The IDOA will hold an informational meeting to explain the liquidation and claims processes on Jan. 19. The meeting will take place at 1 p.m. at the Main Street Center (formerly known as the Sunshine Inn), at 400 South Main St. in Anna.

It will be open to anyone with a financial interest in the company, including farmers who may be potential claimants.

Creditors who wish to file a claim should contact the IDOA. Claim forms can be found online by clicking here and mailed to Department of Agriculture, Bureau of Warehouses, P.O. Box 19281, Springfield, Ill.

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