South Dakota Codified Laws 54-13-1. Definition of terms
Terms used in this chapter mean:
(1) “Agricultural land,” a parcel of land larger than forty acres not located in any municipality and used in farming or ranching operations carried on by the owner or operator within the preceding three- year period for the production of farm products as defined in subdivision 57A-9-102(a)(34) and includes wasteland lying within or contiguous to and in common ownership with land used in farming or ranching operations for the production of farming or ranching products;
Terms Used In South Dakota Codified Laws 54-13-1
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- 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) “Ag finance counselor,” a person who is trained to assist in agricultural credit matters;
(3) “Agricultural property,” agricultural land or personal property or a combination thereof used in the pursuit of, or arising out of, or related to, the occupation of farming or ranching;
(4) “Borrower,” an individual, corporation, trust, cooperative, joint venture, or any other entity entitled to contract who is engaged in farming or ranching and who derives more than sixty percent of total gross income from farming or ranching and who has been extended agricultural credit;
(5) “Creditor,” any individual, organization, cooperative, partnership, trust, or state or federally chartered corporation to whom is owed agricultural debt by a borrower;
(6) “Federal land mediation,” a process by which individuals or organizations seek to resolve disputes with federal land management agencies;
(7) “Agricultural credit mediation,” a process by which creditors and borrowers present, discuss, and explore practical and realistic alternatives to the resolution of a borrower’s debts;
(8) “Mediator,” anyone responsible for and engaged in the performance of mediation pursuant to this chapter, who is trained and certified by the Department of Agriculture and Natural Resources;
(9) “Oil and gas mediation,” a process by which individuals or organizations seek to resolve disputes with oil and gas developers related to surface damages.
Source: SL 1988, ch 384, § 1; SL 2001, ch 259; § 1; SL 2013, ch 241, § 1; SL 2015, ch 203, § 26; SL 2021, ch 1 (Ex. Ord. 21-3), § 51, eff. Apr. 19, 2021.