Missouri Laws 350.010 – Definitions
For the purposes of this section, the terms defined in this section have the meanings here given them:
(1) “Agricultural land” means land used for farming.
Terms Used In Missouri Laws 350.010
- Bequest: Property gifted by will.
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- 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.
- Devise: To gift property by will.
- following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
(2) “Authorized farm corporation” means a corporation meeting the following standards:
(a) All of its shareholders, other than any estate, or revocable and irrevocable trusts, are natural persons;
(b) It must receive two-thirds or more of its total net income from farming as defined in this section;
(3) “Corporation” means a corporation or a cooperative.
(4) “Family farm” means an unincorporated farming unit owned or leased by one or more persons residing on the farm or actively engaging in farming.
(5) “Family farm corporation” means a corporation incorporated for the purpose of farming and the ownership of agricultural land in which at least one-half of the voting stock is held by and at least one-half of the stockholders are members of a family related to each other within the third degree of consanguinity or affinity including the spouses, sons-in-law and daughters-in-law of any such family member according to the rules of the common law, and at least one of whose stockholders is a person residing on or actively operating the farm, and none of whose stockholders are a corporation prohibited by section 350.015 from entering into farming, or any corporation which is subject to the controlled expansion provisions of section 350.015; provided that a family farm corporation shall not cease to qualify as such hereunder by reason of any gift, devise or bequest of shares of voting stock. A person actively operating a farm shall include, but not be limited to, a person who has an ownership interest in the family farm corporation and exercises some management control or direction.
(6) “Farming” means using or cultivating land for the production of (a) agricultural crops; (b) livestock or livestock products; (c) poultry or poultry products; (d) milk or dairy products; or (e) fruit or other horticultural products, provided; however, “farming” shall not include a processor of farm products or a distributor of farming supplies contracting to provide spraying, harvesting or other farming services.