DES MOINES – The Iowa Department of Agriculture and Land Stewardship has revoked the warehouse operator and grain dealer licenses for Watkins Elevator, Inc., of Watkins, Iowa effective April 14, 2009.  The revocation is based upon information provided to the Department’s Grain Warehouse Bureau and done in accordance with Iowa Code Sections 203.12, 203C.14 and 203D.6. The business’s warehouse operator and grain dealer licenses were suspended on April 1, 2009, for failing to meet the minimum net worth and current ratio requirement.    Financial statements dated December 31, 2008, showed that the company’s current liabilities exceeded its current assets and the company's net worth was below the minimum required.  Watkins Elevator, Inc., contacted the Department and consented to the voluntary revocation of their grain dealer license and waived their right to an administrative hearing. Anyone with a grain claim against Watkins Elevator, Inc., must contact the company and the Grain Warehouse Bureau in writing within 120 days of the revocations (August 12, 2009).  The claims can be sent by mail or delivered in person to Watkins Elevator, Inc., 2 Liberty Street, P.O. Box 170, Watkins, Iowa 52354, and the Iowa Department of Agriculture and Land Stewardship, Grain Warehouse Bureau, Wallace State Office Building, Des Moines, Iowa  50319. The Grain Warehouse Bureau is responsible for administering the Iowa Grain Depositors and Sellers Indemnity Fund, which was created in 1986 to provide financial protection to farmers with stored grain.  The indemnity fund covers farmers with grain on deposit in an Iowa licensed warehouse and grain sold to a state licensed grain dealer.  In the case of a failure in a state license warehouse, the indemnity fund will pay farmers 90% of a loss on grain up to a maximum of $300,000 per claimant. Failure to file a claim within the 120-day time period relieves the Iowa Grain Depositors and Sellers Indemnity Fund of its obligation.  However, failure to make a timely claim against the Iowa Grain Depositors and Sellers Indemnity Fund does not relieve the former warehouse operator and grain dealer of its liability to the claimant. Those with claims against Watkins Elevator, Inc., that have questions can contact the Grain Warehouse Bureau at 515-281-5987. The Iowa Department of Agriculture and Land Stewardship’s Grain Warehouse Bureau regulates and examines the financial solvency of grain dealers and grain warehouse operators.  The functions of the Bureau include: warehouse licensing, warehouse examination, grain dealer licensing and grain dealer examinations. -30-