2-4102. Terms, defined.

357 words·~2 min read·/ne/chapter-2/2-4102

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

For purposes of the Dry Pea and Lentil Resources Act, unless the context otherwise requires:

(1)Commercial channels means the sale of any dry peas and lentils for any use when sold to any commercial buyer, dealer, processor, or cooperative or any person, public or private, who resells any dry peas and lentils or product produced from dry peas and lentils;

(2)Commission means the Dry Pea and Lentil Commission;

(3)Dry peas and lentils means dry peas, lentils, chickpeas or garbanzo beans, faba beans, or lupins;

(4)First purchaser means any person, public or private corporation, association, partnership, or limited liability company buying, accepting for shipment, or otherwise acquiring the property rights in or to any dry peas and lentils from a grower and includes a mortgagee, pledgee, lienor, or other person, public or private, having a claim against the grower when the actual or constructive possession of such dry peas and lentils is taken as part payment or in satisfaction of such mortgage, pledge, lien, or claim;

(5)Grower means any landowner personally engaged in growing any dry peas and lentils, a tenant of the landowner personally engaged in growing any dry peas and lentils, and both the owner and the tenant jointly and includes a person, partnership, limited liability company, association, corporation, cooperative, trust, sharecropper, and other business units, devices, and arrangements;

(6)Net market price means the sales price, or other value, per volumetric unit received by a grower for any dry peas and lentils after adjustment for any premium or discount;

(7)Net market value means the value found by multiplying the net market price by the appropriate quantity of the volumetric units or the minimum value in a production contract received by a grower for any dry peas and lentils after adjustments for any premium or discount. For any dry peas and lentils pledged as collateral for a loan issued under any Commodity Credit Corporation price support loan program, net market value means the principal amount of the loan; and

(8)Sale includes any pledge or mortgage of any dry peas and lentils after harvest to any person, public or private.