§ 43-31-102 — Chapter definitions

As used in this chapter, unless the context otherwise requires: (1) "Agricultural chemical" means fertilizers or agricultural chemicals that are applied to crops or to land that is used for raising crops, including fertilizer material, plant amendment, plant food and soil amendment, and pesticide as defined in § 43-8-102 ; (2) "Agricultural production input" means crop production inputs; (3) "Crop production input" means agricultural chemicals, seeds, petroleum products, the custom application of agricultural chemicals and seeds; (4) "Debtor" means a farmer who is or has requested financial assistance from a lender through a supplier; (5) "Lender" means a person in the business of lending money identified in a security interest notification statement; provided, that in the case of a bank, "lender" means a bank that has an existing banking relationship with the debtor either due to an agricultural crop loan made within the preceding two (2) years, an existing farm or agricultural loan or mortgage or an existing deposit account; (6) "Letter of commitment" means a binding, irrevocable and unconditional agreement by a lender to honor drafts or other demands for payment upon the supplier presenting invoices signed by the purchaser or other proof of delivery; (7) "Person" means an individual or an organization and includes a corporation, firm or association; (8) "Petroleum product" means motor fuels and special fuels that are used in the production of crops, including "petroleum products," as defined in § 67-3-902 ; (9) "Proceeds" means proceeds as defined in § 47-9-102 ; (10) "Seed" means agricultural seeds that are used to produce crops, including "agricultural seed," as defined in § 43-10-103 ; and (11) "Supplier" means a person who furnishes agricultural production inputs.

Legislative History

Acts 1986, ch. 922, § 2.