Section 3.100  Valid Claims

a)         Claims to be valid against collateral held by the Trustee shall be defined as bona fide obligations covered by enabling statute and/or Section 40.23 of the Civil Administrative Code of Illinois which are filed by claimants or which are disclosed by the Illinois Department of Agriculture. Any claim to be a valid claim against collateral must be filed with the Department or disclosed by the Illinois Department of Agriculture within the statute of claims limitation as established by the enabling statute, if one prevails, or the Mechanics Lien Act [770 ILCS 60] or 30 days from the date the business is closed, whichever is less.  The closing date of a business shall be the date the business failed.

b)         All claims determined as being valid claims by the Illinois Department of Agriculture shall be considered as valid claims for the purposes of filing a claim against the collateral.

(Source:  Amended at 22 Ill. Reg. 11698, effective June 25, 1998)