Iowa Code 15E.202 – Definitions
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Except as otherwise provided in this subchapter, or unless the context otherwise requires, the words and phrases used in this subchapter shall have the same meaning as the words and phrases used in chapter 490, including but not limited to the words and phrases used in section 490.140. In addition, all of the following shall apply:
1. “Actively engaged in agriculture” means to do any of the following:
a. Inspect agricultural operations periodically and furnish at least half the direct cost of the operations.
b. Regularly and frequently make or take an important part in making management decisions substantially contributing to or affecting the success of the agricultural operation.
c. Perform physical work which significantly contributes to agricultural operation.
Terms Used In Iowa Code 15E.202
- authority: means the economic development authority created in section 15. See Iowa Code 15E.1
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Livestock: includes but is not limited to an animal classified as an ostrich, rhea, or emu. See Iowa Code 4.1
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
2. “Agricultural commodity” means any unprocessed agricultural product, including livestock as defined in section 717.1, agricultural crops, and forestry products grown, raised, produced, or fed in this state for sale in commercial channels.
3. “Agricultural operation” means an operation concerned with the production of agricultural commodities for processing into agricultural processed products.
4. “Agricultural processed product” means an agricultural commodity that has been processed for sale in commercial markets.
5. “Agricultural producer” means a person who is any of the following:
a. An individual actively engaged in agricultural production.
b. A person other than an individual, if the person is any of the following:
(1) A general partnership in which all the partners are natural persons, and one of the partners is actively engaged in agricultural production.
(2) A family farm entity if any of the following individuals is actively engaged in agricultural production:
(a) A shareholder and an officer, director, or employee of a family farm corporation.
(b) A member or manager of a family farm limited liability company.
(c) A general partner of a family farm limited partnership.
(d) A beneficiary of a family trust.
(3) A networking farmers entity.
6. “Agricultural product” means an agricultural commodity or an agricultural processed product.
7. “Biotechnology enterprise” means an enterprise organized under the laws of this state using biological techniques for the development of specialized plant or animal characteristics for beneficial nutritional, commercial, or industrial purposes.
8. “Certified facility” means a facility used to process agricultural products as certified by a corporation pursuant to section 15E.209.
9. “Economic development authority” or “authority” means the economic development authority created pursuant to section 15.105.
10. “Family farm entity” means a family farm corporation, family farm limited liability company, family farm limited partnership, or family trust as defined in section 9H.1.
11. “Iowa agricultural industry finance corporation” or “corporation” means a corporation formed under this subchapter.
12. “Iowa agricultural industry finance loan” means a loan made to a qualified Iowa agricultural industry finance corporation pursuant to section 15E.208.
13. “Iowa agricultural industry venture” means an enterprise involving any of the following:
a. Agricultural producers investing in a new facility or acquiring or expanding an existing facility in this state which is used to process agricultural commodities produced in this state, if the purpose of the enterprise is to accomplish all of the following:
(1) The creation and retention of wealth in this state derived from processing and marketing agricultural commodities produced in this state.
(2) Increasing production, processing, and marketing of value-added agricultural products in this state.
(3) Providing for a substantial equitable ownership interest in the enterprise by Iowa agricultural producers.
(4) Providing an alternative in this state to corporate vertical integration in the production, processing, and marketing of agricultural products.
b. An agricultural biotechnology enterprise located in this state, if the purpose of research and application of biological techniques conducted by the enterprise is to accomplish all of the following:
(1) The creation and retention of wealth in this state.
(2) Increasing the value of agricultural commodities.
14. “Loan” means providing financing to a person under an agreement requiring that the amount in financing be repaid at a maturity date, with an interest rate, and other conditions as specified in the agreement.
15. “Networking farmers entity” means the same as defined in section 10.1.
16. “Qualified investor” means any of the following:
a. An agricultural producer.
b. A cooperative organized under chapter 501 or 501A.
c. A networking farmers entity.
17. “Qualified Iowa agricultural industry finance corporation” or “qualified corporation” means an Iowa agricultural industry financing corporation which meets the eligibility requirements of and is approved by the authority pursuant to section 15E.208.