(1) When appointed as receiver under this subchapter, the Public Grain Warehouse Commissioner is authorized to give notice in the manner specified by the court to persons holding warehouse receipts or unpriced scale tickets issued by the licensee to file their claims within sixty (60) days after the date of appointment.
(2) Failure to file a timely claim shall defeat the claim with respect to the surety bond and any grain or proceeds from the sale of grain, except to the extent of any excess remaining after all timely claims are paid in full.