S.C. Code Regs. § § 5-497
Current through Register Vol. 48, No. 10, October 25, 2024
Section 5-497 - Procedures for Filing ClaimsA. When the Department has been notified or otherwise determines that a default or other loss or insolvency has occurred, it shall notify all potential claimants within fifteen days of the determination of loss or default and provide them with forms and instructions for filing claims.B. The claimant must file his/her claim within sixty days of notification by the Department. The warehouse receipt(s) held by the claimant must be submitted along with the claim form.C. Upon approval of the claim, the claimant shall subrogate his/her interest in said claim to the Department on forms supplied by it.D. The Department shall proceed against the surety on the warehouseman's bond or other security and disperse the proceeds therefrom pro rata to the various claimants. Any remaining amount will be paid from the Warehouse Receipts Guaranty Fund in accordance with Section 39-22-150.E. All approved claims must be paid within ninety days of the date the Department approves them either from the bond, the Guaranty Fund or a combination thereof.Added by State Register Volume 16, Issue No. 6, eff June 26, 1992. Amended by State Register Volume 18, Issue No. 5, eff May 27, 1994.