1. Upon the insolvency of a warehouseman, a trust fund must be established: a. For the benefit of noncredit-sale receiptholders of the insolvent warehouseman, other than those that have waived their rights as beneficiaries of the trust fund in accordance with section 4.1-58-15; and b. To pay the costs incurred by the commissioner in the administration of this chapter.

2. The trust fund consists of the following: a. The grain in the warehouse of the insolvent warehouseman or the proceeds as obtained through the sale of the grain; b. The proceeds, including accounts receivable, from any grain sold from the time of the filing of the claim that precipitated an insolvency until the commissioner is appointed trustee; c. The proceeds of insurance policies upon grain destroyed in the elevator; d. The claims for relief, and proceeds from the claims for relief, for damages upon any bond given by the warehouseman to ensure faithful performance of the duties of a warehouseman; e. The claims for relief, and proceeds from the claims for relief, for the conversion of any grain stored in the warehouse; f. Unencumbered accounts receivable for grain sold before the filing of the claim that precipitated an insolvency; g. Unencumbered equity in grain hedging accounts; and h. Unencumbered grain product assets.

3. Upon the insolvency of a warehouseman, the commissioner shall act as trustee of the trust fund.