Terms Used In Kansas Statutes > Chapter 17 > Article 59 - Agricultural Corporations

• Agricultural land: means land suitable for use in farming. See Kansas Statutes 17-5903
• Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
• Authorized farm corporation: means a Kansas corporation, other than a family farm corporation, all of the incorporators of which are Kansas residents, family farm corporations or family farm limited liability agricultural companies or any combination thereof, and which is founded for the purpose of farming and the ownership of agricultural land in which:

  (1) The stockholders do not exceed 15 in number; and

  (2) the stockholders are all natural persons, family farm corporations, family farm limited liability agricultural companies or persons acting in a fiduciary capacity for the benefit of natural persons, family farm corporations, family farm limited liability agricultural companies or nonprofit corporations; and

  (3) if all of the stockholders are natural persons, at least one stockholder must be a person residing on the farm or actively engaged in labor or management of the farming operation. See Kansas Statutes 17-5903

• Authorized trust: means a trust other than a family trust in which:

  (1) The beneficiaries do not exceed 15 in number;

  (2) the beneficiaries are all natural persons, are persons acting in a fiduciary capacity, other than as trustee for a trust, or are nonprofit corporations; and

  (3) the gross income thereof is not exempt from taxation under the laws of either the United States or the state of Kansas. See Kansas Statutes 17-5903

• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• 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}
• Bequest: Property gifted by will.
• Conservator: means an individual or corporation appointed by the court to act on behalf of a conservatee and possessed of some or all of the powers and duties set out in Kan. See Kansas Statutes 77-201
• Contract: A legal written agreement that becomes binding when signed.
• Corporate partnership: means a partnership, as defined in Kan. See Kansas Statutes 17-5903
• 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.
• Corporation: means a domestic or foreign corporation organized for profit or nonprofit purposes. See Kansas Statutes 17-5903
• Dairy production facility: means the land, structures and related equipment used for housing, breeding, raising, feeding or milking dairy cows. See Kansas Statutes 17-5903
• Devise: To gift property by will.
• 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}
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Family farm corporation: means a corporation:

  (1) Founded for the purpose of farming and the ownership of agricultural land in which the majority of the voting stock is held by and the majority of the stockholders are persons related to each other, all of whom have a common ancestor within the third degree of relationship, by blood or by adoption, or the spouses or the stepchildren of any such persons, or persons acting in a fiduciary capacity for persons so related;

  (2) all of its stockholders are natural persons or persons acting in a fiduciary capacity for the benefit of natural persons; and

  (3) at least one of the stockholders is a person residing on the farm or actively engaged in the labor or management of the farming operation. See Kansas Statutes 17-5903

• Family farm limited liability agricultural company: means a limited liability company founded for the purpose of farming and ownership of agricultural land in which:

  (1) The majority of the members are persons related to each other, all of whom have a common ancestor within the third degree of relationship, by blood or by adoption, or the spouses or the stepchildren of any such persons, or persons acting in a fiduciary capacity for persons so related;

  (2) the members are natural persons or persons acting in a fiduciary capacity for the benefit of natural persons; and

  (3) at least one of the members is a person residing on the farm or actively engaged in the labor or management of the farming operation. See Kansas Statutes 17-5903

• Family trust: means a trust in which:

  (1) A majority of the equitable interest in the trust is held by and the majority of the beneficiaries are persons related to each other, all of whom have a common ancestor within the third degree of relationship, by blood or by adoption, or the spouses or stepchildren of any such persons, or persons acting in a fiduciary capacity for persons so related; and

  (2) all the beneficiaries are natural persons, are persons acting in a fiduciary capacity, other than as trustee for a trust, or are nonprofit corporations. See Kansas Statutes 17-5903

• Farming: means the cultivation of land for the production of agricultural crops, the raising of poultry, the production of eggs, the production of milk, the production of fruit or other horticultural crops, grazing or the production of livestock. See Kansas Statutes 17-5903
• Feedlot: means a lot, yard, corral, or other area in which livestock fed for slaughter are confined. See Kansas Statutes 17-5903
• Fiduciary: A trustee, executor, or administrator.
• Fiduciary capacity: means an undertaking to act as executor, administrator, guardian, conservator, trustee for a family trust, authorized trust or testamentary trust or receiver or trustee in bankruptcy. See Kansas Statutes 17-5903
• General election: refers to the election required to be held on the Tuesday following the first Monday in November of each even-numbered year. See Kansas Statutes 77-201
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Hydroponics: means the growing of vegetables, flowers, herbs, or plants used for medicinal purposes, in a growing medium other than soil. See Kansas Statutes 17-5903
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Limited agricultural partnership: means a limited partnership founded for the purpose of farming and ownership of agricultural land in which:

  (1) The partners do not exceed 10 in number;

  (2) the partners are all natural persons, persons acting in a fiduciary capacity for the benefit of natural persons or nonprofit corporations, or general partnerships other than corporate partnerships formed under the laws of the state of Kansas; and

  (3) at least one of the general partners is a person residing on the farm or actively engaged in the labor or management of the farming operation. See Kansas Statutes 17-5903

• Limited liability agricultural company: means a limited liability company founded for the purpose of farming and ownership of agricultural land in which:

  (1) The members do not exceed 10 in number; and

  (2) the members are all natural persons, family farm corporations, family farm limited liability agriculture companies, persons acting in a fiduciary capacity for the benefit of natural persons, family farm corporations, family farm limited liability agricultural companies or nonprofit corporations, or general partnerships other than corporate partnerships formed under the laws of the state of Kansas; and

  (3) if all of the members are natural persons, at least one member must be a person residing on the farm or actively engaged in labor or management of the farming operation. See Kansas Statutes 17-5903

• Limited liability company: has the meaning provided by Kan. See Kansas Statutes 17-5903
• Limited partnership: has the meaning provided by Kan. See Kansas Statutes 17-5903
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Nonprofit corporation: means a corporation organized not-for-profit and which qualifies under section 501(c)(3) of the federal internal revenue code of 1986 as amended. See Kansas Statutes 17-5903
• 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.
• poultry: means chickens, turkeys, ducks, geese or other fowl. See Kansas Statutes 17-5903
• Poultry confinement facility: means the structures and related equipment used for housing, breeding, laying of eggs or feeding of poultry in a restricted environment. See Kansas Statutes 17-5903
• Probate: Proving a will
• Property: includes personal and real property. See Kansas Statutes 77-201
• Rabbit confinement facility: means the structures and related equipment used for housing, breeding, raising, feeding or processing of rabbits in a restricted environment. See Kansas Statutes 17-5903
• State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
• Swine production facility: means the land, structures and related equipment used for housing, breeding, farrowing or feeding of swine. See Kansas Statutes 17-5903
• Testamentary trust: means a trust created by devising or bequeathing property in trust in a will as such terms are used in the Kansas probate code. See Kansas Statutes 17-5903
• Trust: means a fiduciary relationship with respect to property, subjecting the person by whom the property is held to equitable duties to deal with the property for the benefit of another person, which arises as a result of a manifestation of an intention to create it. See Kansas Statutes 17-5903
• Trustee: A person or institution holding and administering property in trust.
• Undertaking: means a promise or security in any form where required by law. See Kansas Statutes 77-201