N.Y. Agriculture and Markets Law 328 – Definitions
§ 328. Definitions. For purposes of this article, the following terms shall have the following meanings:
Terms Used In N.Y. Agriculture and Markets Law 328
- 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.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- 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.
1. "Program" shall mean the farmland viability program.
2. "Agricultural product" shall mean any agricultural or aquacultural product of the soil or water, including but not limited to fruits, vegetables, eggs, dairy products, meat and meat products, poultry and poultry products, fish and fish products, grain and grain products, honey, nuts, preserves, maple sap products, apple cider, and fruit juice.
3. "Value added" shall mean the increase in the fair market value of an agricultural product resulting from the processing of such product.
4. "Applicant" shall mean any individual, partnership, association, cooperative, corporation or limited liability company that manages a farm operation as defined in section three hundred one of this chapter, or county agricultural and farmland protection board with an approved agricultural protection plan, or an agricultural cooperative as defined in § 111 of the cooperative corporations law, applying for financial assistance under the provisions of this article.