As used in this chapter, unless the context otherwise requires:

(1) “Claimant” means:

Terms Used In Tennessee Code 43-32-102

  • Agriculture: means :
    (i) The land, buildings and machinery used in the commercial production of farm products and nursery stock. See Tennessee Code 1-3-105
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Claimant: means :
    (A) Any producer or person, possessing warehouse receipts covering commodities owned or stored by the warehouseman. See Tennessee Code 43-32-102
  • Commissioner: means the commissioner of agriculture, or the commissioner's designated representatives. See Tennessee Code 43-32-102
  • commodities warehouse: means any building, structure, or other protected enclosure in this state used for the purpose of storing commodities for a consideration. See Tennessee Code 43-32-102
  • commodities warehouseman: means any person who owns, controls or manages a public commodities warehouse in which commodities are stored for compensation and who is authorized to issue warehouse receipts, and includes any grain warehouse licensed under the United States Warehouse Act that has entered into a cooperative agreement. See Tennessee Code 43-32-102
  • Commodity: means grain. See Tennessee Code 43-32-102
  • Commodity dealer: means any person engaged in the business of buying commodities from producers thereof for resale or for milling or processing. See Tennessee Code 43-32-102
  • Cooperative agreement: means any agreement made by the department with a person, local unit of government, or state or federal agency as may be reasonable and proper to carry out this chapter. See Tennessee Code 43-32-102
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Department: means the Tennessee department of agriculture. See Tennessee Code 43-32-102
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Failure: means :
    (A) An inability to financially satisfy a claimant in accordance with applicable statute or regulation and the time limits provided therein, if any. See Tennessee Code 43-32-102
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Grain: means corn, wheat, oats, rye, soybeans, rape seed, canola and grain sorghums. See Tennessee Code 43-32-102
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: includes an individual, corporation, partnership and all associations of two (2) or more persons having a joint or common interest. See Tennessee Code 43-32-102
  • Producer: means the owner, tenant or operator of land in this state who has an interest in and receives all or any part of the proceeds from the sale of the commodities produced thereon. See Tennessee Code 43-32-102
  • Program: means the Tennessee commodity producer indemnity program. See Tennessee Code 43-32-102
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • Statute: A law passed by a legislature.
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
  • United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • United States Warehouse Act: means the United States Warehouse Act, enacted August 11, 1916, as amended. See Tennessee Code 43-32-102
  • Warehouse receipt: means :
    (A) A warehouse receipt issued under this chapter in accordance with the Uniform Commercial Code. See Tennessee Code 43-32-102
  • written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(A) Any producer or person, possessing warehouse receipts covering commodities owned or stored by the warehouseman;
(B) Any person with written evidence of ownership, other than warehouse receipts, disclosing a storage obligation of a commodity warehouseman, including scale tickets, settlement sheets and ledger cards;
(C) Any person who has lent money to a commodity warehouseman and who was to receive a warehouse receipt as security for that loan, but the commodity dealer or warehouseman failed within twenty-one (21) days after receiving the loan moneys and no warehouse receipt was issued;
(D) Any person who has surrendered warehouse receipts as a part of a commodities sale transaction, the commodity warehouseman failed within twenty-one (21) days thereafter and the person surrendering the warehouse receipt did not get fully paid therefor; or
(E) Any producer who possesses written evidence of the sale of commodities to a failed commodity dealer not limited to scale tickets, settlement sheets, price later contracts, basis contracts or similar commodities delivery contracts, but did not get fully paid therefor and who is unable to secure satisfaction of financial obligations due from a person licensed by the department in accordance with this chapter;
(2) “Commissioner” means the commissioner of agriculture, or the commissioner’s designated representatives;
(3) “Commodity” means grain;
(4) “Commodity assets” means all commodities owned or stored by a failed commodity dealer or warehouseman, including commodities in transit that were shipped by the failed commodity dealer or warehouseman or failed warehouseman and for which payment has not been received; proceeds from sale or commodities due or to become due; the equity (net of any secured financing directly associated therewith) in assets in commodity exchange commodities margin accounts; any moneys due or to become due (net of any secured financing directly associated therewith) from any future contracts on any recognized commodity exchange; any other unencumbered funds or property or equity of the failed commodity dealer or warehouseman in funds or property wherever located that can be directly traced as being from the sale of commodities by the failed commodity dealer or warehouseman or failed warehouseman; provided, that any such funds, property, or equity in funds or property shall not be deemed to be encumbered unless the encumbrance results from good and valuable consideration advanced by any secured party on a bona fide basis; and provided further, that the encumbrance is not the result of the taking of the funds, property, or equity in funds or property as additional collateral for an antecedent debt; or other unencumbered funds, property, or equity in assets;
(5) “Commodity dealer” means any person engaged in the business of buying commodities from producers thereof for resale or for milling or processing. A producer of commodities buying commodities for the producer’s own use as seed or feed shall not be considered as being engaged in the business of buying commodities for resale or for milling or processing;
(6) “Cooperative agreement” means any agreement made by the department with a person, local unit of government, or state or federal agency as may be reasonable and proper to carry out this chapter;
(7) “Department” means the Tennessee department of agriculture;
(8) “Failure” means:

(A) An inability to financially satisfy a claimant in accordance with applicable statute or regulation and the time limits provided therein, if any;
(B) A declaration of insolvency;
(C) A revocation of license and leaving of outstanding indebtedness to claimants;
(D) A failure to pay claimants in the ordinary course of business where a bona fide dispute does not exist between a commodity dealer or warehouseman and a customer;
(E) A failure to apply for license renewal;
(F) A denial of license renewal; or
(G) A voluntary surrendering of a license;
(9) “Grain” means corn, wheat, oats, rye, soybeans, rape seed, canola and grain sorghums;
(10) “Incidental commodity dealer” means any commodities dealer who purchases commodities from producers and whose total purchases of commodities during any fiscal year do not exceed one hundred thousand dollars ($100,000);
(11) “Incidental commodity dealer, nonsecured” means a commodities dealer who purchases commodities from producers and whose total purchases during any fiscal year do not exceed one hundred thousand dollars ($100,000), and who has notified the commissioner on the dealer’s license application or renewal application that the dealer has opted not to maintain a security instrument;
(12) “Person” includes an individual, corporation, partnership and all associations of two (2) or more persons having a joint or common interest;
(13) “Producer” means the owner, tenant or operator of land in this state who has an interest in and receives all or any part of the proceeds from the sale of the commodities produced thereon;
(14) “Program” means the Tennessee commodity producer indemnity program;
(15) “Stored commodities” means any commodities received in any commodities warehouse, located in this state, if such commodities are not purchased and beneficially owned by the commodities warehouseman;
(16) “United States Warehouse Act” means the United States Warehouse Act, enacted August 11, 1916, as amended;
(17) “Valid claim” means a claim arising from a failure of a commodity dealer or warehouseman that occurs after July 1, 1989, and adjudicated valid by the commissioner, net of all credits and offsets, and in accordance with § 43-32-210;
(18) “Warehouse” or “commodities warehouse” means any building, structure, or other protected enclosure in this state used for the purpose of storing commodities for a consideration;
(19) “Warehouse receipt” means:

(A) A warehouse receipt issued under this chapter in accordance with the Uniform Commercial Code; or
(B) A warehouse receipt issued under the United States Warehouse Act; and
(20) “Warehouseman” or “commodities warehouseman” means any person who owns, controls or manages a public commodities warehouse in which commodities are stored for compensation and who is authorized to issue warehouse receipts, and includes any grain warehouse licensed under the United States Warehouse Act that has entered into a cooperative agreement.
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