Limits on payments from Fund
12. (1) Subject to subsections (2) and (3), the amount that the Board may pay out of a Fund to an applicant on any one application is, (a) in the case of a claim made by an owner under subsection 3 (2) of the Act, 95 per cent of the market value of the grain in respect of which the claim is made on the day on which the grounds for making the claim arose; (b) in the case of a claim made by a producer for grain sold under a delayed price contract, 95 per cent of the market price payable on the day the contract is closed out or considered to be closed out, less the greater of, (i) 60 per cent of the market price of the grain on the day payment was made on account, and (ii) 60 per cent of the market price of the grain on the day the contract is closed out or considered to be closed out; (c) in the case of a claim made by an applicant mentioned in subsection (4), 95 per cent of the amount determined in accordance with subsections (4) and (5); and (d) subject to section 13, in all cases not covered by clauses (a) to (c), 95 per cent of the amount of the claim. O. Reg. 70/12, s. 12 (1). (2) In the case of a claim made in respect of a deferred payment arrangement for grain that is sold from storage as that term is defined in the Grains Act, (a) if the payment or a portion of it is deferred by 1 to 45 calendar days after the fifth trading day following the day of sale, 50 per cent of the eligible claim as determined under subsection (1) in respect of the payment or portion; (b) if the payment or a portion of it is deferred by 46 to 90 calendar days after the fifth trading day following the day of sale, 40 per cent of the eligible claim as determined under subsection (1) in respect of the payment or portion; (c) if the payment or a portion of it is deferred by 91 to 135 calendar days after the fifth trading day following the day of sale, 30 per cent of the eligible claim as determined under subsection (1) in respect of the payment or portion; and (d) if the payment or a portion of it is deferred by 136 to 180 calendar days after the fifth trading day following the day of sale, 20 per cent of the eligible claim as determined under subsection (1) in respect of the payment or portion. O. Reg. 70/12, s. 12 (2). (3) In the case of a claim made in respect of a deferred payment arrangement for grain that is not sold from storage as that term is defined in the Grains Act, (a) if the payment or a portion of it is deferred by 1 to 45 calendar days after the tenth trading day following the day of sale, 50 per cent of the eligible claim as determined under subsection (1) in respect of the payment or portion; (b) if the payment or a portion of it is deferred by 46 to 90 calendar days after the tenth trading day following the day of sale, 40 per cent of the eligible claim as determined under subsection (1) in respect of the payment or portion; (c) if the payment or a portion of it is deferred by 91 to 135 calendar days after the tenth trading day following the day of sale, 30 per cent of the eligible claim as determined under subsection (1) in respect of the payment or portion; and (d) if the payment or a portion of it is deferred by 136 to 180 calendar days after the tenth trading day following the day of sale, 20 per cent of the eligible claim as determined under subsection (1) in respect of the payment or portion. O. Reg. 70/12, s. 12 (3). (4) The limit set out in clause (1) (c) and determined in accordance with subsection (5) applies if the applicant is one of the following: 1. A producer who holds a licence as a dealer and who has purchased grain before the day on which the grounds for making the claim arose. 2. An owner who holds a licence as an operator and who has stored grain for other owners before the day on which the grounds for making the claim arose. O. Reg. 70/12, s. 12 (4). (5) If a claim is made by an applicant mentioned in subsection (4), the amount of grain in respect of which the Board may pay an applicant’s claim out of a Fund shall not exceed the percentage calculated in accordance with the following rules: 1. Determine the amount of grain produced by the applicant in the capacity of a producer (in the case of an applicant described in paragraph 1 of subsection (4)) or the amount of grain owned and stored by the applicant in the joint capacity of an owner and operator (in the case of an applicant described in paragraph 2 of subsection (4)). 2. Add the amount of grain purchased by the applicant in the capacity of a dealer (in the case of an applicant described in paragraph 1 of subsection (4)) or stored by the applicant in the capacity of an operator (in the case of an applicant described in paragraph 2 of subsection (4)) to the amount determined under paragraph 1. 3. Divide the amount in paragraph 1 by the amount in paragraph 2. O. Reg. 70/12, s. 12 (5). (6) In addition to the amount paid under subsection (1), the Board may pay out of the Fund to the applicant the amount that the applicant was required to pay in respect of the grain under the Advance Payments for Crops Act (Canada) or the Agricultural Products Marketing Act (Canada), as the case may be, as a result of, (a) the default of a dealer to make payment to the applicant, in the case of a claim made by a producer under subsection 3 (1) of the Act; or (b) the default of an operator to deliver the grain to the owner, in the case of a claim made by an owner under subsection 3 (2) of the Act. O. Reg. 70/12, s. 12 (6).