Nebraska Statutes 54-1802. Terms, defined
For purposes of the Nebraska Livestock Sellers Protective Act, unless the context otherwise requires:
Terms Used In Nebraska Statutes 54-1802
- 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.
- Company: shall include any corporation, partnership, limited liability company, joint-stock company, joint venture, or association. See Nebraska Statutes 49-801
- 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.
- Person: shall include bodies politic and corporate, societies, communities, the public generally, individuals, partnerships, limited liability companies, joint-stock companies, and associations. See Nebraska Statutes 49-801
- Person shall: include bodies politic and corporate, societies, communities, the public generally, individuals, partnerships, limited liability companies, joint-stock companies, and associations. See Nebraska Statutes 49-801
- State: when applied to different states of the United States shall be construed to extend to and include the District of Columbia and the several territories organized by Congress. See Nebraska Statutes 49-801
- Year: shall mean calendar year. See Nebraska Statutes 49-801
(1) Director shall mean the Director of Agriculture;
(2) Slaughter livestock shall mean cattle, sheep, and swine produced or fed in this state and destined for immediate slaughter;
(3) Purchaser shall mean any person, firm, corporation, or association engaged in the purchase of slaughter livestock in excess of five hundred animal units per year based upon two hundred sixty slaughtering days;
(4) Animal unit shall consist of one head of cattle, or three calves, under four hundred fifty pounds, or five hogs, or ten sheep or lambs;
(5) Insolvent shall mean that a person either has ceased to pay his or her debts in the ordinary course of business or cannot pay his or her debts as they become due or is insolvent within the meaning of the Federal Bankruptcy Act;
(6) Person shall include individuals, firms, associations, limited liability companies, or corporations or employees, officers, or limited liability company members thereof; and
(7) Purchase of livestock for slaughter shall mean the purchase of livestock for immediate use in manufacturing or preparing meat or meat food products.
Source
- Laws 1969, c. 448, § 2, p. 1499;
- Laws 1994, LB 884, § 72.