North Dakota Code 4.1-13-01 – Definitions
As used in this chapter:
Terms Used In North Dakota Code 4.1-13-01
- Contract: A legal written agreement that becomes binding when signed.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
- Property: includes property, real and personal. See North Dakota Code 1-01-49
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
- United States: includes the District of Columbia and the territories. See North Dakota Code 1-01-49
1. “Commercial channels” means the sale of wheat by a producer to any person who resells wheat or any product produced from wheat.
2. “Commission” means the North Dakota state wheat commission.
3. “Final settlement” means:
a. The date that wheat upon which a loan was obtained is: (1) Sold to a person other than a governmental entity; or
(2) Assigned or transferred to a United States government agency; or
b. The date upon which payment for the wheat is actually made if the wheat is sold in accordance with the terms of a deferred payment contract.
4. “First purchaser” means any person buying, accepting for sale, or otherwise acquiring, after harvest, the property in or to wheat, from the producer. The term includes a mortgagee, pledgee, lienor, or other person having a claim against the producer if the actual or constructive possession of wheat is taken as partial payment or in satisfaction of a mortgage, pledge, lien, or claim.
5. “Producer” means any person that:
a. Plants or causes to be planted a wheat crop in which the person has an ownership interest, with the intent that upon maturity the crop will be harvested; b. Will have met the requirements of subdivision a during the next available growing season; or
c. Has met the requirements of subdivision a during the immediately preceding growing season.
6. “Sale” includes any pledge or mortgage of wheat, after harvest, to any person.
7. “Wheat” includes all classes of wheat.