Tennessee Code 43-32-202 – Purpose – Tennessee grain indemnity fund
Terms Used In Tennessee Code 43-32-202
- Agriculture: means :
(i) The land, buildings and machinery used in the commercial production of farm products and nursery stock. See Tennessee Code 1-3-105 - Commodity: means grain. See Tennessee Code 43-32-102
- Commodity dealer: means any person engaged in the business of buying commodities from producers thereof for resale or for milling or processing. See Tennessee Code 43-32-102
- Department: means the Tennessee department of agriculture. See Tennessee Code 43-32-102
- Failure: means :
(A) An inability to financially satisfy a claimant in accordance with applicable statute or regulation and the time limits provided therein, if any. See Tennessee Code 43-32-102 - Grain: means corn, wheat, oats, rye, soybeans, rape seed, canola and grain sorghums. See Tennessee Code 43-32-102
- State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
It is the purpose of this part to promote the state‘s welfare by improving the economic stability of agriculture. It is declared to be in the public interest and highly advantageous to the agricultural economy of the state that producers of grain be permitted, by referendum, to levy upon themselves an assessment of one cent (1¢) per bushel on soybeans and one-half cent (1/2¢) per bushel on all other grain, and provide for the collection of the assessment for the purpose of financing or contributing to the financing of the Tennessee grain indemnity fund, which is created as a separate fund within the department of agriculture to protect commodity producers in the event of the financial failure of a commodity dealer or warehouseman, and to ensure the existence of adequate funds so the commodity producers and claimants may be compensated for losses occasioned by the failure of a commodity dealer or warehouseman.