Terms Used In Louisiana Revised Statutes > Title 3 > Chapter 21 - Agricultural Commodity Dealer and Warehouse Law

• Applicant: means a person or place of business that makes a formal application for a license, permit, certification, registration, or certificate issued pursuant to this Title. See Louisiana Revised Statutes 3:1
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Commission: means the Louisiana Agricultural Commodities Commission. See Louisiana Revised Statutes 3:3402
• Commissioner: means the Louisiana commissioner of agriculture and forestry. See Louisiana Revised Statutes 3:3402
• commodities: means cotton, all agricultural products commonly classed as grain, including rice, rough rice, corn, wheat, oats, rye, soybeans, barley, and grain sorghum, and any other agricultural commodity or other farm product which the commission may, by regulation, declare to be a commodity subject to this Chapter. See Louisiana Revised Statutes 3:3402
• Cotton agent: means every person, firm, corporation, association, or other legal entity who purchases or contracts to purchase cotton grown or to be grown by producers in this state for or on behalf of a cotton merchant and who is required to be a party to a notarized written agency agreement. See Louisiana Revised Statutes 3:3402
• Cotton merchant: means every person, firm, corporation, association, or other legal entity who purchases or contracts to purchase, either directly or through a cotton agent, cotton grown or to be grown by producers in this state. See Louisiana Revised Statutes 3:3402
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Department: means the Louisiana Department of Agriculture and Forestry. See Louisiana Revised Statutes 3:3402
• Donee: The recipient of a gift.
• Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) ^{Source: OCC}
• Encumbrance: means any lien, privilege, judgment, mortgage, pledge, pawn, claim, charge, or any other encumbrance of like nature. See Louisiana Revised Statutes 3:1
• Enrolled bill: The final copy of a bill or joint resolution which has passed both chambers in identical form. It is printed on parchment paper, signed by appropriate officials, and submitted to the President/Governor for signature.
• Ex officio: Literally, by virtue of one's office.
• Farm products: means products employed directly in the cultivation, production, or harvesting of any agricultural commodities or containers for agricultural commodities or other farm products. See Louisiana Revised Statutes 3:3402
• Federal law: means the Internal Revenue Code of 1986, as amended, (Title 26 United States Code) and applicable U. See Louisiana Revised Statutes 47:287.701
• Fiscal year: means an accounting period of twelve months ending on the last day of any month other than December. See Louisiana Revised Statutes 47:98
• Grain: means corn, wheat, oats, rye, soybeans, barley, and grain sorghum. See Louisiana Revised Statutes 3:3402
• Grain dealer: means any person who purchases any agricultural commodities from producers or represents producers in the sale of agricultural commodities. See Louisiana Revised Statutes 3:3402
• gross allocable income or loss: means the general class of gross income designated as allocable income by La. See Louisiana Revised Statutes 47:287.701
• gross apportionable income or loss: means the general class of gross income designated as apportionable income by La. See Louisiana Revised Statutes 47:287.701
• Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
• Legatee: A beneficiary of a decedent
• Lien: A claim against real or personal property in satisfaction of a debt.
• Louisiana gross allocable income or loss: means those items of, or that portion of, allocable income or loss allocated to Louisiana pursuant to the provisions of La. See Louisiana Revised Statutes 47:287.701
• Net allocable income or loss: means net allocable income or loss earned within or derived from sources within Louisiana and is the mathematical remainder when subtracting from Louisiana gross allocable income or loss:

  (1)  Allowable deductions within the meaning of La. See Louisiana Revised Statutes 47:287.701

• Net apportionable income or loss: means net apportionable income or loss earned within or derived from sources within Louisiana as computed pursuant to La. See Louisiana Revised Statutes 47:287.701
• Noncommercial grain buyer: means any person who purchases, or contracts to purchase, less than ten thousand bushels of grain or five thousand hundredweights of rice in a calendar year. See Louisiana Revised Statutes 3:3402
• Oath: A promise to tell the truth.
• open position: means the grain dealer's contracts for purchase or sale of agricultural commodities which are unhedged. See Louisiana Revised Statutes 3:3402
• Open storage: means any storage for which a warehouse receipt has not been issued. See Louisiana Revised Statutes 3:3402
• paid or accrued: shall be construed according to the method of accounting upon the basis of which the net income is computed under this Chapter. See Louisiana Revised Statutes 47:98
• Person: means any individual, partnership, company, firm, association, cooperative association, corporation, or any other legal entity engaged in any of the activities regulated under this Chapter. See Louisiana Revised Statutes 3:3402
• Place of business: means a permanent location or a portion of a permanent location from which business, in a regulated profession or occupation, is transacted. See Louisiana Revised Statutes 3:1
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Producer: means the owner, tenant, lessee, or operator of land within this state who has an interest in or receives all or any part of the proceeds from the sale of agricultural commodities produced thereon. See Louisiana Revised Statutes 3:3402
• Quorum: The number of legislators that must be present to do business.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Risk position: means the loss potential to the grain dealer resulting from bringing its open position to market. See Louisiana Revised Statutes 3:3402
• secretary of revenue: when used in this Title, mean the secretary of the Department of Revenue for the state of Louisiana. See Louisiana Revised Statutes 47:1501
• Security: means any financial instrument or document issued for the benefit of or given to the commission by a licensee, or participation in any self-insurance fund program authorized by this Chapter as assurance for the fulfillment of the obligations imposed on the licensee by applicable law or regulations. See Louisiana Revised Statutes 3:3402
• Statute: A law passed by a legislature.
• Taxable year: includes , in the case of a return made for a fractional part of a year under the provisions of this Chapter or under regulations prescribed by the collector, the period for which return is made. See Louisiana Revised Statutes 47:98
• Venue: The geographical location in which a case is tried.
• Warehouse: means any building, structure, or any other protected enclosure required to be licensed by the commission in which agricultural commodities or other farm products are stored for the public for a fee. See Louisiana Revised Statutes 3:3402
• Warehouseman: means any person or other entity operating a warehouse. See Louisiana Revised Statutes 3:3402