A nearly three year old elevator insolvency case has been closed.
It involves the Grand Forks Bean Company. That elevator dealt with edible beans. It went into insolvency after not being able to pay farmers’ claims.
The last such claim has now been paid. The courts said Curt Amundson had a “credit sale” contract with Grand Forks Bean. Public Service Commissioner Randy Christmann said Amundson was paid from the Credit Sale Contract Indemnity Fund.
"The payout is the maximum allowable," Christmann said. "The amount owed was actually more than this. But the maximum alloed under the law is $280,000."
Christmann said the other eight claims were “cash-sale” contracts, and those creditors got what they were owed.
Christmann said some of the claimants said they had asked for their money years before the elevator was declared insolvent. He said there’s a lesson for farmers in that.
"If you're not getting paid, or not getting you commodity back, you need to notify us," Christmann said. "You should not just keep settling for 'maybe' or 'someday.'"
One small issue remains before the books can be closed – but Christmann said all claimants have now received payment.