Kan. Admin. Regs. § 4-25-13 - Appraisals
(a) If the
financial statement of a public warehouseman does not reflect assets sufficient
to comply with the net worth requirements of
K.S.A.
34-228, and amendments thereto, the public
warehouseman may acquire an appraisal. Each appraisal prepared pursuant to this
regulation shall be performed by an independent appraiser certified by a
generally recognized appraisal society. Each public warehouseman shall submit
credentials for the appraiser upon request of the secretary.
(b) Surplus designated under an appraisal
shall be discounted by 30 percent to account for estimated unrealized capital
gains at the time of the disposition of any grain for which the public
warehouseman is liable.
(c) An
appraisal prepared according to this regulation may be relied upon by the
secretary for up to four years from the date of completion of the appraisal.
Notes
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