RS 3402 - Definitions
As used in this Chapter, the following terms shall have the meanings ascribed below:
(1) "Agricultural commodities" or "commodities" means cotton, all agricultural products commonly classed as grain, including rice, rough rice, corn, wheat, oats, rye, soybeans, barley, and grain sorghum, and any other agricultural commodity or other farm product which the commission may, by regulation, declare to be a commodity subject to this Chapter.
(2) "Authorized agent", with reference to the authorized agent of a warehouse or grain dealer, means any representative thereof whose name has been filed with the commission as required under R.S. 3:3408.
(3) "Commission" means the Louisiana Agricultural Commodities Commission.
(4) "Commissioner" means the Louisiana commissioner of agriculture and forestry.
(5) "Cotton agent" means every person, firm, corporation, association, or other legal entity who purchases or contracts to purchase cotton grown or to be grown by producers in this state for or on behalf of a cotton merchant and who is required to be a party to a notarized written agency agreement.
(6) "Cotton merchant" means every person, firm, corporation, association, or other legal entity who purchases or contracts to purchase, either directly or through a cotton agent, cotton grown or to be grown by producers in this state.
(7) "Department" means the Louisiana Department of Agriculture and Forestry.
(8) "Farm products" means products employed directly in the cultivation, production, or harvesting of any agricultural commodities or containers for agricultural commodities or other farm products.
(9) "Grain" means corn, wheat, oats, rye, soybeans, barley, and grain sorghum.
(10) "Grain dealer" means any person who purchases any agricultural commodities from producers or represents producers in the sale of agricultural commodities. The term does not include any person who qualifies as a noncommercial grain buyer.
(11) "Hedge" with respect to a contract to sell commodities means a secondary contract to buy commodities to protect the obligations incurred with respect to the contract to sell. "Hedge" with respect to a contract to buy commodities means a secondary contract to sell commodities to protect the obligations incurred with respect to the contract to buy.
(12) "Noncommercial grain buyer" means any person who purchases, or contracts to purchase, less than ten thousand bushels of grain or five thousand hundredweights of rice in a calendar year.
(13) "Open" or "open position" means the grain dealer's contracts for purchase or sale of agricultural commodities which are unhedged.
(14) "Open storage" means any storage for which a warehouse receipt has not been issued.
(15) "Person" means any individual, partnership, company, firm, association, cooperative association, corporation, or any other legal entity engaged in any of the activities regulated under this Chapter.
(16) "Producer" means the owner, tenant, lessee, or operator of land within this state who has an interest in or receives all or any part of the proceeds from the sale of agricultural commodities produced thereon.
(17) "Risk position" means the loss potential to the grain dealer resulting from bringing its open position to market.
(18) "Security" means any financial instrument or document issued for the benefit of or given to the commission by a licensee, or participation in any self-insurance fund program authorized by this Chapter as assurance for the fulfillment of the obligations imposed on the licensee by applicable law or regulations.
(19) "Warehouse" means any building, structure, or any other protected enclosure required to be licensed by the commission in which agricultural commodities or other farm products are stored for the public for a fee. The term includes facilities which commingle commodities belonging to different owners and facilities which preserve the separate identities of different lots of agricultural commodities.
(20) "Warehouseman" means any person or other entity operating a warehouse.
Added by Acts 1982, No. 563, §1, eff. Jan. 1, 1983; Acts 1985, No. 793, §1; Acts 1997, No. 1034, §1; Acts 2009, No. 24, §1, eff. June 12, 2009; Acts 2010, No. 767, §1, eff. June 30, 2010; Acts 2015, No. 430, §1; Acts 2020, No. 151, §1.