Michigan Laws 285.313 – Definitions
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Terms Used In Michigan Laws 285.313
- Authority: means the farm produce insurance authority created in section 5. See Michigan Laws 285.313
- Board: means the board of directors of the authority described in section 7. See Michigan Laws 285.313
- Contract: A legal written agreement that becomes binding when signed.
- Cooperative association: means that term as defined in 12 USC 1141j. See Michigan Laws 285.313
- 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 department of agriculture and rural development. See Michigan Laws 285.313
- Depositor: means that term as defined in section 2 of the grain dealers act, MCL 285. See Michigan Laws 285.313
- Director: means the director of the department or his or her designee. See Michigan Laws 285.313
- Farm produce: means that term as defined in section 2 of the grain dealers act, MCL 285. See Michigan Laws 285.313
- Fund: means the farm produce insurance fund created in section 9. See Michigan Laws 285.313
- Grain dealer: means that term as defined in section 2 of the grain dealers act, MCL 285. See Michigan Laws 285.313
- Grain dealers act: means the grain dealers act, 1939 PA 141, MCL 285. See Michigan Laws 285.313
- Licensee: means that term as defined in section 2 of the grain dealers act, MCL 285. See Michigan Laws 285.313
- 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: means an individual, corporation, limited liability company, partnership, association, cooperative association or other cooperative organization, or other legal entity. See Michigan Laws 285.313
- Producer: means a person that owns, rents, leases, or operates a farm on land and who has an interest in and receives all or any part of the proceeds from the sale and delivery in Michigan of farm produce produced from the land to a grain dealer licensed under the grain dealers act. See Michigan Laws 285.313
- program: means the program for reimbursement of claims described in this act. See Michigan Laws 285.313
- Sale: means transfer of title. See Michigan Laws 285.313
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
As used in this act:
(a) “Acknowledgment form” means that term as defined in section 2 of the grain dealers act, MCL 285.62.
(b) “Administrative expenses” means the costs described in section 9(2).
(c) “Administrative premium” means the amount of money charged to and collected from a producer under section 10.
(d) “Authority” means the farm produce insurance authority created in section 5.
(e) “Board” means the board of directors of the authority described in section 7.
(f) “Claimant” means a producer who makes a claim for reimbursement from the fund under section 15.
(g) “Cooperative association” means that term as defined in 12 USC 1141j.
(h) “Department” means the department of agriculture and rural development.
(i) “Depositor” means that term as defined in section 2 of the grain dealers act, MCL 285.62.
(j) “Director” means the director of the department or his or her designee.
(k) “Facility” means that term as defined in section 2 of the grain dealers act, MCL 285.62.
(l) “Failure” of a licensee or grain dealer means that term as defined in section 2 of the grain dealers act, MCL 285.62.
(m) “Farm produce” means that term as defined in section 2 of the grain dealers act, MCL 285.62.
(n) “Farm produce insurance program” or “program” means the program for reimbursement of claims described in this act.
(o) “Financial institution” means that term as defined in section 2 of the grain dealers act, MCL 285.62.
(p) “Financial loss” means the loss to a producer who is not paid in full for farm produce that the producer sold to a grain dealer and delivered under the terms of the sales contract, after deducting any outstanding charges against the farm produce.
(q) “Fund” means the farm produce insurance fund created in section 9.
(r) “Grain dealer” means that term as defined in section 2 of the grain dealers act, MCL 285.62.
(s) “Grain dealers act” means the grain dealers act, 1939 PA 141, MCL 285.61 to 285.88.
(t) “Licensee” means that term as defined in section 2 of the grain dealers act, MCL 285.62.
(u) “Net proceeds” means the sale price of farm produce, less usual and customary charges and costs of sale of the farm produce.
(v) “Person” means an individual, corporation, limited liability company, partnership, association, cooperative association or other cooperative organization, or other legal entity.
(w) “Price later agreement” means that term as defined in section 2 of the grain dealers act, MCL 285.62.
(x) “Producer” means a person that owns, rents, leases, or operates a farm on land and who has an interest in and receives all or any part of the proceeds from the sale and delivery in Michigan of farm produce produced from the land to a grain dealer licensed under the grain dealers act.
(y) “Producer premium” means the amount of money charged to and collected from a producer under section 11.
(z) “Producer security activities” means any action by the director under section 22 of the grain dealers act, MCL 285.82, to administer or enforce that act.
(aa) “Sale” means transfer of title.
(bb) “Storage loss” means a loss to a depositor resulting from the failure of a licensee that has not fully satisfied its storage obligation to the depositor, net of any outstanding charges against the farm produce.
(cc) “Valid claim” means a claim arising from a failure of a licensee that occurs after the effective date of this act, is found valid by the department, and is approved by the board, less all credits and offsets associated with farm produce delivered and sold in this state by a producer to the licensee or to a location in this state designated in advance of the delivery.
(dd) “Warehouse receipt” means that term as defined in section 2 of the grain dealers act, MCL 285.62.