Michigan Laws > Chapter 285 > Act 141 of 1939 – Grain Dealers Act
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Michigan Laws > Chapter 285 > Act 141 of 1939 - Grain Dealers Act
- Acknowledgment form: means a scale weight ticket, a load slip, or any other evidence of deposit issued by a grain dealer or his or her authorized representative to a depositor that identifies the farm produce being transferred from the possession of the depositor to the possession of the grain dealer. See Michigan Laws 285.62
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Cash sale: means a sale in which the title to farm produce is transferred only after a price is decided upon before or at the time of delivery and payment for the farm produce meets 1 of the following:
(i) Payment of the price is made to the depositor in cash or by check, money order, wire transfer, or draft within 10 days of delivery. See Michigan Laws 285.62Claimant: means a person to whom a grain dealer owes a financial obligation for farm produce or who is entitled to the farm produce delivered to the grain dealer or the proceeds of the farm produce. See Michigan Laws 285.62 Collateral warehouse receipt: means a warehouse receipt issued to a financial institution by a grain dealer for unencumbered grain owned by that grain dealer. See Michigan Laws 285.62 Department: means the department of agriculture. See Michigan Laws 285.62 Depositor: means either of the following:
(i) A person who delivers farm produce to a licensed grain dealer for storage, processing, shipment, or sale and has title to the farm produce at the time of delivery. See Michigan Laws 285.62Director: means the director of the department or his or her designee. See Michigan Laws 285.62 disposition: means a cash sale or other transfer of farm produce or placement of farm produce on a warehouse receipt or price later agreement. See Michigan Laws 285.62 Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC Facility: means an edifice, silo, tank, bin, crib, interstice, or protected enclosed structure, or more than 1 edifice, silo, tank, bin, crib, interstice, or protected enclosed structure located contiguous to each other, used to receive, deposit, or store farm produce in bulk. See Michigan Laws 285.62 Farm produce: means 1 or more of dry edible beans, soybeans, small grains, cereal grains, or corn. See Michigan Laws 285.62 Farm produce handled: means the number of bushels or hundredweight of farm produce that a licensee receives or is otherwise obligated for in a fiscal period. See Michigan Laws 285.62 Farm produce handling: means any of the following:
(i) Engaging or participating in the business of purchasing farm produce. See Michigan Laws 285.62Farm produce trucker: means a person engaged in the business of hauling farm produce that issues price later agreements or acknowledgment forms, transfers warehouse receipts, or is responsible for payment to a depositor, but that does not own a facility. See Michigan Laws 285.62 feed bank: means farm produce stored on a nonnegotiable warehouse receipt that the owner intends to periodically, partially withdraw. See Michigan Laws 285.62 Financial institution: means a state or nationally chartered bank or a state or federally chartered savings and loan association, savings bank, or credit union whose deposits are insured by an agency of the United States government and that maintains a principal office or branch office located in this state, or a national bank for cooperatives subject to the farm credit act of 1971, Public Law 92-181, 85 Stat. See Michigan Laws 285.62 Grain dealer: means a person engaged in the business of receiving, buying, exchanging, selling, or storing farm produce in this state. See Michigan Laws 285.62 Grain merchandiser: means a person engaged in the business of receiving, buying, exchanging, selling, or taking title to farm produce and who is responsible for payment to a depositor but does not operate a truck or a facility. See Michigan Laws 285.62 Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs. License: means a license issued by the department to a grain dealer in the manner provided under this act. See Michigan Laws 285.62 Licensee: means a grain dealer licensed under this act. See Michigan Laws 285.62 Open storage: means the storage of farm produce for 30 days or less under an acknowledgment form that does not contain a designation of a specific transaction type. See Michigan Laws 285.62 Person: means an individual, corporation, limited liability company, partnership, association, cooperative organization, or other legal entity. See Michigan Laws 285.62 Price later agreement: means a written or electronically transmitted agreement between a depositor and a grain dealer where the grain dealer receives title to farm produce and the depositor retains the option to price the farm produce after delivery based on conditions in the agreement. See Michigan Laws 285.62 Processing: means drying, cleaning, packaging, or otherwise changing the physical characteristics of farm produce. See Michigan Laws 285.62 Processor: means a person engaged in processing farm produce and storing the farm produce for a period of 24 hours or more. See Michigan Laws 285.62 Receiving point: means a facility where farm produce is received, weighed, and stored and an acknowledgment form is issued. See Michigan Laws 285.62 reviewed: means performing inquiry and analytical procedures that provide an accountant with a reasonable basis for expressing limited assurance that there are no material modifications that should be made to the statement for it to conform with generally accepted accounting principles. See Michigan Laws 285.62 Revocation: means the removal of a grain dealer's license under this act in accordance with the administrative procedures act of 1969, 1969 PA 306, MCL 24. See Michigan Laws 285.62 Shortage: means that a grain dealer does not have a sufficient amount of farm produce by class and quality to cover the grain dealer's outstanding warehouse receipt obligations for that farm produce. See Michigan Laws 285.62 Storage: means the deposit of farm produce in trust with a grain dealer by a depositor. See Michigan Laws 285.62 Temporary facility: means a facility that does not have a receiving point and is used by a licensee to store farm produce. See Michigan Laws 285.62 Warehouse receipt: means a written or electronically transmitted receipt issued by a grain dealer to a depositor at the time the grain dealer accepts farm produce for storage. See Michigan Laws 285.62