Indiana Code 26-3-7-2. Definitions
(1) “Agency” refers to the Indiana grain buyers and warehouse licensing agency established under section 1 of this chapter.
Terms Used In Indiana Code 26-3-7-2
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- 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.
- 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.
- 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.
- 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.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(3) “Bin” means a bin, tank, interstice, or other container in a warehouse in which bulk grain may be stored.
(4) “Board” means the governing body of the Indiana grain indemnity corporation created by IC 26-4-3-2.
(5) “Buyer-warehouse” means a person that operates both as a warehouse licensed under this chapter and as a grain buyer.
(6) “Claimant” means a person to whom a licensee owes a storage or financial obligation under this chapter for grain that has been delivered to the licensee for sale or for storage under a bailment.
(7) “Crop year” means the period from one (1) year‘s harvest to the next year for a specified field crop as follows:
(A) Barley and barley seed from June 1 to May 31.
(B) Canola and canola seed from July 1 to June 30.
(C) Corn and corn seed from September 1 to August 31.
(D) Lentils and lentil seed from July 1 to June 30.
(E) Oats and oat seed from June 1 to May 31.
(F) Popcorn and popcorn seed from September 1 to August 31.
(G) Rye and rye seed from June 1 to May 31.
(H) Sorghum and sorghum seed from September 1 to August 31.
(I) Soybeans and soybean seed from September 1 to August 31.
(J) Sunflower and sunflower seed from September 1 to August 31.
(K) Wheat and wheat seed from June 1 to May 31.
(L) All other field crops and other field crop seed from September 1 to August 31.
(8) “Daily position record” means a written or electronic document that is maintained on a daily basis for each grain commodity, contains a record of the total amount of grain in inventory for that business day, and complies with any requirements established by the director.
(9) “Deferred pricing” or “price later” means a purchase by a buyer in which title to the grain passes to the buyer and the price to be paid to the seller is not determined:
(A) at the time the grain is received by the buyer; or
(B) less than twenty-one (21) days after delivery.
(10) “Delayed payment” means a purchase by a buyer in which title to the grain passes to the buyer at a determined price and payment to the seller is not made in less than twenty-one (21) days after delivery.
(11) “Depositor” means any of the following:
(A) A person that delivers grain to a licensee under this chapter for storage or sale.
(B) A person that:
(i) owns or is the legal holder of a ticket or receipt issued by a licensee for grain received by the licensee; and
(ii) is the creditor of the issuing licensee for the value of the grain received in return for the ticket or receipt.
(C) A licensee that stores grain that the licensee owns solely, jointly, or in common with others in a warehouse owned or controlled by the licensee or another licensee.
(12) “Designated representative” means the person or persons designated by the director to act instead of the director in assisting in the administration of this chapter.
(13) “Director” means the director of the Indiana grain buyers and warehouse licensing agency appointed under section 1 of this chapter.
(14) “Facility” means a permanent business location or one (1) of several permanent business locations in Indiana that are operated as a warehouse or by a grain buyer.
(15) “Failed” or “failure” means any of the following:
(A) The inability of a licensee to financially satisfy fully all obligations due to claimants.
(B) Public declaration of a licensee’s insolvency.
(C) Revocation of a licensee’s license, if the licensee has outstanding indebtedness owed to claimants.
(D) Nonpayment of a licensee’s debts in the ordinary course of business, if there is not a good faith dispute.
(E) Voluntary surrender of a licensee’s license, if the licensee has outstanding indebtedness to claimants.
(F) Involuntary or voluntary bankruptcy of a licensee.
(16) “Fund” means the Indiana grain indemnity fund established under IC 26-4-4-1.
(17) “Grain” means corn for all uses, popcorn, wheat, oats, barley, rye, sorghum, soybeans, oil seeds, other agricultural commodities as approved by the agency, and seed as defined in this section. The term does not include canning crops for processing or sweet corn.
(18) “Grain assets” means any of the following:
(A) All grain and grain coproducts owned or stored by a licensee, including the following:
(i) Grain that is in transit following shipment by a licensee.
(ii) Grain that has not been paid for.
(iii) Grain that is stored in unlicensed facilities that are leased, owned, or occupied by the licensee.
(B) All proceeds, due or to become due, from the sale of a licensee’s grain.
(C) Equity, less any secured financing directly associated with the equity, in hedging or speculative margin accounts of a licensee held by a commodity or security exchange, or a dealer representing a commodity or security exchange, and any money due the licensee from transactions on the exchange, less any secured financing directly associated with the money due the licensee from the transactions on the exchange.
(D) Any other unencumbered funds, property, or equity in funds or property, wherever located, that can be directly traced to the sale of grain by a licensee. However, funds, property, or equity in funds or property may not be considered encumbered unless:
(i) the encumbrance results from valuable consideration paid to the licensee in good faith by a secured party; and
(ii) the encumbrance did not result from the licensee posting the funds, property, or equity in funds or property as additional collateral for an antecedent debt.
(E) Any other unencumbered funds, property, or equity in assets of the licensee.
(19) “Grain bank grain” means grain owned by a depositor for use in the formulation of feed and stored by the warehouse to be returned to the depositor on demand.
(20) “Grain buyer” means a person who is engaged in the business of buying grain from producers.
(21) “Grain coproducts” means any milled or processed grain, including the grain byproduct of ethanol production.
(22) “Grain standards act” means the United States Grain Standards Act, approved August 11, 1916 (39 Stat. 482; 7 U.S.C. §§ 71–87 as amended).
(23) “License” means a license issued under this chapter.
(24) “Licensee” means a person who operates a facility that is licensed under this chapter.
(25) “Official grain standards of the United States” means the standards of quality or condition for grain, fixed and established by the secretary of agriculture under the grain standards act.
(26) “Person” means an individual, partnership, corporation, association, or other form of business enterprise.
(27) “Receipt” means a warehouse receipt issued by a warehouse licensed under this chapter.
(28) “Seed”, notwithstanding IC 15-15-1, means grain set apart to be used primarily for the purpose of producing new plants.
(29) “Seed inventory” means seed for commercial sale.
(30) “Suspension” means a temporary halt to the purchase of grain under section 18(b) of this chapter.
(31) “Ticket” means a scale weight ticket, a load slip, or other evidence, other than a receipt, given to a depositor upon initial delivery of grain to a facility.
(32) “Warehouse act” means the United States Warehouse Act, approved August 11, 1916 (39 Stat. 486; 7 U.S.C. §§ 241-273 as amended).
(33) “Warehouse” means any building or other protected enclosure in one (1) general location licensed or required to be licensed under this chapter in which grain is or may be:
(A) stored for hire;
(B) used for grain bank storage; or
(C) used to store company owned grain;
and the building or other protected enclosure is operated under one (1) ownership and run from a single office.
(34) “Warehouse operator” means a person that operates a facility or group of facilities in which grain is or may be stored for hire or which is used for grain bank storage and which is operated under one (1) ownership and run from a single office.
Formerly: Acts 1973, P.L.268, SEC.1; Acts 1974, P.L.120, SEC.1; Acts 1975, P.L.277, SEC.2. As amended by Acts 1982, P.L.155, SEC.3; P.L.191-1991, SEC.1; P.L.1-1992, SEC.142; P.L.139-1996, SEC.6; P.L.125-1997, SEC.19; P.L.173-1999, SEC.1; P.L.1-2006, SEC.483; P.L.2-2008, SEC.66; P.L.64-2009, SEC.1; P.L.75-2010, SEC.10; P.L.60-2015, SEC.4; P.L.145-2017, SEC.1; P.L.208-2021, SEC.1.