A person is eligible to receive indemnity payments from the credit-sale contract indemnity fund if:
1. After August 1, 2003, the person sold grain to a licensed warehouse or a grain buyer in this state under a credit-sale contract;
2. The licensed warehouse to which the person sold grain or the grain buyer to which the person sold grain becomes insolvent; and 3. The licensed warehouse or the grain buyer, as a result of the insolvency, does not fully compensate the person in accordance with the credit-sale contract.