§ 26-3-7-2 — Definitions

Indiana § 26-3-7-2

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 3: WAREHOUSES
• Ch. 7: Indiana Grain Buyers and Warehouse Licensing and

Text

The following definitions apply throughout this
chapter:
(1) "Agency" refers to the Indiana grain buyers and warehouse
licensing agency established under section 1 of this chapter.
(2) "Anniversary date" means the date that is ninety (90) calendar
days after the fiscal year end of a business licensed under this
chapter.
(3) "Bin" means a bin, tank, interstice, or other container in a
warehouse in which bulk grain may be stored.
(4) "Board" means the governing body of the Indiana grain
indemnity corporation created by IC 26-4-3-2.
(5) "Buyer-warehouse" means a person that operates both as a
warehouse licensed under this chapter and as a grain buyer.
(6) "Claimant" means a person to whom a licensee owes a storage
or financial obligation under this chapter for grain that has been
delivered to the licensee for sale or for storage under a bailment.
(7) "Crop year" means the period from one (1) year's harvest to
the next year for a specified field crop as follows:
(A) Barley and barley seed from June 1 to May 31.
(B) Canola and canola seed from July 1 to June 30.
(C) Corn and corn seed from September 1 to August 31.
(D) Lentils and lentil seed from July 1 to June 30.
(E) Oats and oat seed from June 1 to May 31.
(F) Popcorn and popcorn seed from September 1 to August 31.
(G) Rye and rye seed from June 1 to May 31.
(H) Sorghum and sorghum seed from September 1 to August
31.
(I) Soybeans and soybean seed from September 1 to August 31.
(J) Sunflower and sunflower seed from September 1 to August
31.
(K) Wheat and wheat seed from June 1 to May 31.
(L) All other field crops and other field crop seed from
September 1 to August 31.
(8) "Daily position record" means a written or electronic
document that is maintained on a daily basis for each grain
commodity, contains a record of the total amount of grain in
inventory for that business day, and complies with any
requirements established by the director.
(9) "Deferred pricing" means a purchase by a buyer in which title
to the grain passes to the buyer and the price to be paid to the
seller is not determined:
(A) at the time the grain is received by the buyer; or
(B) less than twenty-one (21) days after delivery.
(10) "Delayed payment" means:
(A) a purchase by a buyer in which title to the grain passes to
the buyer at a determined price; and
(B) payment to the seller is not made in less than twenty-one
(21) days after delivery.
(11) "Depositor" means any of the following:
(A) A person that delivers grain to a licensee under this chapter
for storage or sale.
(B) A person that:
(i) owns or is the legal holder of a ticket or receipt issued by
a licensee for grain received by the licensee; and
(ii) is the creditor of the issuing licensee for the value of the
grain received in return for the ticket or receipt.
(C) A licensee that stores grain that the licensee owns solely,
jointly, or in common with others in a warehouse owned or
controlled by the licensee or another licensee.
(12) "Designated representative" means the person or persons
designated by the director to act instead of the director in assisting
in the administration of this chapter.
(13) "Director" means the director of the Indiana grain buyers and
warehouse licensing agency appointed under section 1 of this
chapter.
(14) "Facility" means a permanent business location or one (1) of
several permanent business locations in Indiana that are operated
as a warehouse or by a grain buyer.
(15) "Flat price contract" means a contract that sets a fixed price
for a specific delivery requirement, where the price is determined
by adding the basis to the futures price of the same commodity,
which is set before the futures contract expires.
(16) "Fund" means the Indiana grain indemnity fund established
under IC 26-4-4-1.
(17) "Grain" means corn for all uses, popcorn, wheat, oats, barley,
rye, sorghum, soybeans, oil seeds, other agricultural commodities
as approved by the agency, and seed as defined in this section.
The term does not include canning crops for processing or sweet
corn.
(18) "Grain assets" means any of the following:
(A) All grain and grain coproducts owned or stored by a
licensee, including the following:
(i) Grain that is in transit following shipment by a licensee.
(ii) Grain that has not been paid for.
(iii) Grain that is stored in unlicensed facilities that are
leased, owned, or occupied by the licensee.
(B) All proceeds, due or to become due, from the sale of a
licensee's grain.
(C) Equity, less any secured financing directly associated with
the equity, in hedging or speculative margin accounts of a
licensee held by a commodity or security exchange, or a dealer
representing a commodity or security exchange, and any money
due the licensee from transactions on the exchange, less any
secured financing directly associated with the money due the
licensee from the transactions on the exchange.
(D) Any other unencumbered funds, property, or equity in funds
or property, wherever located, that can be directly traced to the
sale of grain by a licensee. However, funds, property, or equity
in funds or property may not be considered encumbered unless:
(i) the encumbrance results from valuable consideration paid
to the licensee in good faith by a secured party; and
(ii) the encumbrance did not result from the licensee posting
the funds, property, or equity in funds or property as
additional collateral for an antecedent debt.
(E) Any other unencumbered funds, property, or equity in
assets of the licensee.
(19) "Grain bank grain" means grain owned by a depositor for use
in the formulation of feed and stored by the warehouse to be
returned to the depositor on demand.
(20) "Grain buyer" means a person who is engaged in the business
of buying grain from producers.
(21) "Grain coproducts" means any milled or processed grain,
including the grain byproduct of ethanol production.
(22) "Grain standards act" means the United States Grain
Standards Act, approved August 11, 1916 (39 Stat. 482; 7 U.S.C.
71-87 as amended).
(23) "License" means a license issued under this chapter.
(24) "Licensee" means a person who operates a facility that is
licensed under this chapter.
(25) "Official grain standards of the United States" means the
standards of quality or condition for grain, fixed and established
by the secretary of agriculture under the grain standards act.
(26) "Parent entity" means an entity that owns at least twenty
percent (20%) or the equivalent of another entity, including
through shares, membership interests, or other securities, or as a
partner in a general partnership or joint venture.
(27) "Person" means an individual, partnership, corporation,
association, or other form of business enterprise.
(28) "Receipt" means a warehouse receipt issued by a warehouse
licensed under this chapter.
(29) "Revocation of a license" means any of the following:
(A) The inability of a licensee to financially satisfy fully all
obligations due to claimants.
(B) Public declaration of a licensee's insolvency.
(C) Revocation of a licensee's license, if the licensee has
outstanding indebtedness owed to claimants.
(D) Nonpayment of a licensee's debts in the ordinary course of
business, if there is not a good faith dispute.
(E) Involuntary or voluntary bankruptcy of a licensee.
(30) "Seed", notwithstanding IC 15-15-1, means grain set apart to
be used primarily for the purpose of producing new plants.
(31) "Seed inventory" means seed for commercial sale.
(32) "Storage" means a facility or system that is designed,
structured, and equipped to receive, clean, dry, store, and
dispense grains or seeds. The term includes a facility where the
producer has maintained:
(A) title to the grain until selling or moving the grain to a
facility other than the facility where the grain was delivered;
and
(B) a record or proof of storage at the facility where the grain
was delivered.
(33) "Storage loss" means a loss to a storage depositor resulting
from a warehouse operator:
(A) whose license has been revoked; and
(B) who has not fully satisfied the warehouse operator's storage
obligation to the depositor, after any outstanding charges
against the grain.
(34) "Subsidiary" means an entity, including a general partnership
or joint venture, that is owned in whole or part by one (1) or more
other entities, including at least one (1) entity that constitutes a
parent entity.
(35) "Ticket" means a scale weight ticket, a load slip, or other
evidence, other than a receipt, given to a depositor upon initial
delivery of grain to a facility.
(36) "Warehouse act" means the United States Warehouse Act,
approved August 11, 1916 (39 Stat. 486; 7 U.S.C. 241-273 as
amended).
(37) "Warehouse" means any building or other protected
enclosure in one (1) general location licensed or required to be
licensed under this chapter, which building or other protected
enclosure is operated under one (1) ownership and run from a
single office, and in which grain is or may be:
(A) stored for hire;
(B) used for grain bank storage; or
(C) used to store company owned grain.
(38) "Warehouse operator" means a person that operates a facility
or group of facilities in which grain is or may be stored for hire or
which is used for grain bank storage and which is operated under
one (1) ownership and run from a single office.
Formerly: Acts 1973, P.L.268, SEC.1; Acts 1974, P.L.120,
SEC.1; Acts 1975, P.L.277, SEC.2. As amended by Acts 1982,
P.L.155, SEC.3; P.L.191-1991, SEC.1; P.L.1-1992, SEC.142;
P.L.139-1996, SEC.6; P.L.125-1997, SEC.19; P.L.173-1999, SEC.1;
P.L.1-2006, SEC.483; P.L.2-2008, SEC.66; P.L.64-2009, SEC.1;
P.L.75-2010, SEC.10; P.L.60-2015, SEC.4; P.L.145-2017, SEC.1;
P.L.208-2021, SEC.1; P.L.114-2025, SEC.2.