Terms Used In Iowa Code > Chapter 203D - Grain Depositors and Sellers Indemnification

• Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• 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.
• Board: means the Iowa grain indemnity fund board created in section 203D. See Iowa Code 203D.1
• Contract: A legal written agreement that becomes binding when signed.
• Credit-sale contract: means the same as defined in section 203. See Iowa Code 203D.1
• Department: means the department of agriculture and land stewardship. See Iowa Code 203D.1
• Depositor: means a person who deposits grain in a licensed warehouse for storage, handling, or shipment, or who is the owner or legal holder of an outstanding warehouse receipt issued by a licensed warehouse, or who is lawfully entitled to possession of the grain. See Iowa Code 203D.1
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• First point of sale: means the initial transfer of title to grain from a person who has produced the grain or caused the grain to be produced to the first purchaser of the grain for consideration, conditional or otherwise, in any manner or by any means. See Iowa Code 203D.1
• 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.
• following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
• Fund: means the grain depositors and sellers indemnity fund created in section 203D. See Iowa Code 203D.1
• Grain: means the same as defined in section 203. See Iowa Code 203D.1
• Grain dealer: means the same as defined in section 203. See Iowa Code 203D.1
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Licensed grain dealer: means a person who has obtained a license to engage in the business of a grain dealer pursuant to section 203. See Iowa Code 203D.1
• Licensed warehouse: means the same as defined in section 203C. See Iowa Code 203D.1
• Licensed warehouse operator: means the same as in section 203C. See Iowa Code 203D.1
• Licensee: means a licensed grain dealer or licensed warehouse operator. See Iowa Code 203D.1
• Lien: A claim against real or personal property in satisfaction of a debt.
• Loss: means the amount of a claim held by a seller or depositor against a grain dealer or warehouse operator which has not been recovered through other legal and equitable remedies including the liquidation of assets. See Iowa Code 203D.1
• 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.
• Owner: shall mean the person holding record title to real estate to include both legal and equitable interests under recorded real estate contracts. See Iowa Code 172D.1
• Payment: means the actual payment or tender of payment by a grain dealer to a seller of the agreed purchase price, or in the case of disputes as to sales of grain, the undisputed portion of the purchase price without reduction for any separate claim of the grain dealer against the seller. See Iowa Code 203.8
• person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
• property: includes personal and real property. See Iowa Code 4.1
• Purchased grain: means grain entered in the company-owned paid position as evidenced on the grain dealer's daily position record. See Iowa Code 203D.1
• Quorum: The number of legislators that must be present to do business.
• Seller: means a person who sells grain which the person has produced or caused to be produced to a licensed grain dealer, but excludes a person who executes a credit-sale contract as a seller as provided in section 203. See Iowa Code 203D.1
• 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 territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
• undertaking: means a promise or security in any form. See Iowa Code 4.1
• United States: includes all the states. See Iowa Code 4.1
• Warehouse operator: means the same as defined in section 203C. See Iowa Code 203D.1
• week: means seven consecutive days. See Iowa Code 4.1
• year: means twelve consecutive months. See Iowa Code 4.1