54-13-1. Definition of terms.

295 words·~1 min read·/sd/title-54/chapter-54-13/54-13-1

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

Terms used in this chapter mean:

(1)"Agricultural land," a parcel of land larger than forty acres not located in any municipality and used in farming or ranching operations carried on by the owner or operator within the preceding three- year period for the production of farm products as defined in subdivision 57A-9-102 (a)(34) and includes wasteland lying within or contiguous to and in common ownership with land used in farming or ranching operations for the production of farming or ranching products;

(2)"Ag finance counselor," a person who is trained to assist in agricultural credit matters;

(3)"Agricultural property," agricultural land or personal property or a combination thereof used in the pursuit of, or arising out of, or related to, the occupation of farming or ranching;

(4)"Borrower," an individual, corporation, trust, cooperative, joint venture, or any other entity entitled to contract who is engaged in farming or ranching and who derives more than sixty percent of total gross income from farming or ranching and who has been extended agricultural credit;

(5)"Creditor," any individual, organization, cooperative, partnership, trust, or state or federally chartered corporation to whom is owed agricultural debt by a borrower;

(6)"Federal land mediation," a process by which individuals or organizations seek to resolve disputes with federal land management agencies;

(7)"Agricultural credit mediation," a process by which creditors and borrowers present, discuss, and explore practical and realistic alternatives to the resolution of a borrower's debts;

(8)"Mediator," anyone responsible for and engaged in the performance of mediation pursuant to this chapter, who is trained and certified by the Department of Agriculture and Natural Resources;

(9)"Oil and gas mediation," a process by which individuals or organizations seek to resolve disputes with oil and gas developers related to surface damages.