South Dakota Codified Laws 38-10-2. Definition of terms
Terms used in this chapter mean:
(1) “Commercial channels,” the sale of wheat for any use, when sold to any commercial buyer, dealer, processor, cooperative, or to any person, public or private, who resells any wheat or product produced from wheat;
Terms Used In South Dakota Codified Laws 38-10-2
- 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.
- 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.
- 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: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
(2) “Commission” or “wheat commission,” the Wheat Utilization, Research and Market Development Commission;
(3) “First purchaser,” any person, public or private corporation, or partnership buying, accepting for shipment (either in state or out of state), or otherwise acquiring the property in or to wheat from a grower. The term includes a mortgagee, pledgee, lienor, or other person, public or private, having a claim against the grower, if the actual or constructive possession of the wheat is taken as part payment or in satisfaction of the mortgage, pledge, lien, or claim;
(4) “Grower,” anyone personally engaged in growing wheat, including both the owner and tenant jointly, a person, partnership, limited liability company, association, corporation, cooperative, trust, sharecropper, and any other business units, devices, and arrangements;
(5) “Participating grower,” a grower who has not requested a refund from the payment of the promotional fee for the past three years; and
(6) “Net market price,” the sale price received by a grower for wheat after adjustment for any premium or discount based on grading or quality factors.
Source: SL 1961, ch 11, § 3; SL 1993, ch 302, § 1; SL 1994, ch 351, § 90; SL 2014, ch 193, § 1.