Indiana Code 15-15-12-8. “First purchaser”
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Sec. 8. (a) As used in this chapter, “first purchaser” means a person who is engaged in Indiana in the business of buying corn from producers. The term refers to a person buying or acquiring corn from:
(2) the Commodity Credit Corporation, if the corn is pledged as collateral for a loan issued under a price support loan program administered by the Commodity Credit Corporation.
(1) the producer of the corn; or
Terms Used In Indiana Code 15-15-12-8
- 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.
- person: means an individual, a partnership, a limited liability company, a public or private corporation, a political subdivision (as defined in IC 36-1-2-13), a cooperative, a society, an association, or a fiduciary. See Indiana Code 15-15-12-12
- producer: means a person engaged in the business of producing and marketing corn in Indiana under:
Indiana Code 15-15-12-13
(b) The term does not include a buyer of corn who buys less than one hundred thousand (100,000) bushels of corn annually for the buyer’s own use as seed or feed.
[Pre-2008 Recodification Citation: 15-4-10-6.]
As added by P.L.2-2008, SEC.6.