Illinois Administrative Code
Title 8 - AGRICULTURE AND ANIMALS
Part 3 - DEPARTMENT OF AGRICULTURE ACTING AS TRUSTEE ON BEHALF OF CLAIMANTS
Subpart B - PROCEDURE FOR THE COLLECTION, CONTROL AND DISTRIBUTION OF COLLATERAL FILED IN LIEU OF A SURETY BOND WITH THE DIRECTOR OF THE ILLINOIS DEPARTMENT OF AGRICULTURE ACTING ON BEHALF OF CLAIMANTS
Section 3.100 - Valid Claims
Current through Register Vol. 48, No. 12, March 22, 2024
a) Claims to be valid against collateral held by the Trustee shall be defined as bona fide obligations covered by enabling statute and/or Section 40.23 of the Civil Administrative Code of Illinois which are filed by claimants or which are disclosed by the Illinois Department of Agriculture. Any claim to be a valid claim against collateral must be filed with the Department or disclosed by the Illinois Department of Agriculture within the statute of claims limitation as established by the enabling statute, if one prevails, or the Mechanics Lien Act [770 ILCS 60 ] or 30 days from the date the business is closed, whichever is less. The closing date of a business shall be the date the business failed.
b) All claims determined as being valid claims by the Illinois Department of Agriculture shall be considered as valid claims for the purposes of filing a claim against the collateral.
