(a) A grain producer who has delivered grain to a grain buyer may initiate a claim with the board as provided by board rule if:
(1) the grain buyer has suffered a financial failure and:
(A) has failed to pay to a grain producer an amount owed to the grain producer; or
(B) is unable to deliver to the grain producer grain held by the grain buyer for the grain producer as a bailment; and
(2) the grain producer provides to the board:
(A) written documentation showing that the grain was delivered to the grain buyer; and
(B) a copy of the written contract for purchase of the grain signed by the grain producer and the grain buyer and showing:
(i) the agreed price for the grain;
(ii) the amount of grain purchased; and
(iii) any other relevant term required by the board to establish facts related to the claim.
(b) A claim under this section must:
(1) be initiated:
(A) not more than 60 days after the applicable claim initiation date; or
(B) before a date determined by the board to be reasonable, if the board determines such a date; and
(2) be for a loss of grain delivered to the grain buyer not more than one year before the applicable claim initiation date.