Wisconsin Statutes 126.55 – Definitions
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In this subchapter:
Terms Used In Wisconsin Statutes 126.55
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Land: includes lands, tenements and hereditaments and all rights thereto and interests therein. See Wisconsin Statutes 990.01
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
- State: when applied to states of the United States, includes the District of Columbia, the commonwealth of Puerto Rico and the several territories organized by Congress. See Wisconsin Statutes 990.01
- Year: means a calendar year, unless otherwise expressed; "year" alone means "year of our Lord". See Wisconsin Statutes 990.01
(1) “Cash on delivery” means cash payment of the full agreed price for processing vegetables at the time of delivery or, if the vegetables are graded, within 72 hours after the time of delivery.
(2) “Cash payment” means payment in any of the following forms:
(a) Currency.
(b) A cashier’s check, or a check that a bank issues and certifies.
(c) A wire transfer.
(d) Simultaneous barter.
(3) “Contract obligation” means the net amount, whether paid or unpaid, that a vegetable contractor owes a vegetable producer or producer agent under a vegetable procurement contract. “Contract obligation” includes a net amount owed for unharvested acreage.
(4) “Contributing vegetable contractor” means a vegetable contractor who is licensed under s. 126.56 (1), who either has paid one or more quarterly installments under s. 126.60 (6) or is required to contribute to the fund, but the first quarterly installment under s. 126.60 (6) is not yet due, who has not elected not to participate in the fund under s. 126.595 (1), and who is not disqualified under s. 126.59 (2).
(6) “Current ratio” means the ratio of the value of current assets to the value of current liabilities, calculated according to s. 126.58 (6) (c) 1.
(7) “Debt to equity ratio” means the ratio of the value of liabilities to equity, calculated according to s. 126.58 (6) (c) 2.
(8) “Deferred payment contract” means a vegetable procurement contract in which the vegetable producer or a producer agent agrees to accept payment after January 31 for processing vegetables harvested during the previous calendar year.
(9) “Disqualified vegetable contractor” means a vegetable contractor who is disqualified from the fund under s. 126.59 (2).
(10) “Food processing” has the meaning given in s. 97.29 (1) (g).
(10m) “License year” means the period beginning on February 1 and ending on the following January 31.
(10r) “Processing potato buyer” means a vegetable contractor who purchases processing potatoes and no other processing vegetables.
(10t) “Processing potatoes” means potatoes grown or sold for use in food processing, regardless of whether those potatoes are actually harvested or processed as food.
(11) “Processing vegetables” means vegetables grown or sold for use in food processing, regardless of whether those vegetables are actually harvested or processed as food. “Processing vegetables” includes sweet corn grown or sold for use in food processing, but does not include grain.
(12) “Producer agent” means a person who, without taking title to vegetables, acts on behalf of a vegetable producer to market or accept payment for processing vegetables that the vegetable producer grows in this state. “Producer agent” does not include any of the following:
(a) A person who merely brokers a contract between a vegetable producer and a vegetable contractor, without becoming a party to the contract or accepting payment on behalf of the vegetable producer.
(b) A person who merely holds or transports processing vegetables for a vegetable producer, without marketing the vegetables or accepting payment on behalf of the vegetable producer.
(13) “Time of delivery” under a vegetable procurement contract means the time at which one of the following occurs:
(a) The vegetable contractor harvests the vegetables.
(b) The vegetable producer delivers harvested vegetables to the custody or control of the vegetable contractor.
(c) The vegetable contractor notifies the vegetable producer of the vegetable contractor’s refusal to harvest or accept delivery of vegetables.
(14) “Vegetable contractor” means a person who does any of the following:
(a) Contracts with a vegetable producer or a producer agent to procure processing vegetables that a vegetable producer grows in this state.
(b) Contracts with a vegetable producer to market, as a producer agent, processing vegetables that the vegetable producer grows in this state.
(15) “Vegetable procurement contract” means an oral or written agreement under which a vegetable contractor does any of the following:
(a) Contracts with a vegetable producer or a producer agent to procure processing vegetables that a vegetable producer grows in this state.
(b) Contracts with a vegetable producer to market, as a producer agent, processing vegetables that the vegetable producer grows in this state.
(16) “Vegetable producer” means a person who grows processing vegetables in this state.
(17) “Unharvested acreage” means land on which vegetables are grown, under a vegetable procurement contract, that a vegetable contractor leaves unharvested for any reason. “Unharvested acreage” includes all of the following:
(a) Land on which the vegetables are suitable for processing, but are not harvested.
(b) Land on which the vegetables are abandoned as being unsuitable for processing.