Minnesota Statutes 41C.02 – Definitions
Subdivision 1.Scope.
The definitions in this section apply to this chapter.
Subd. 2.Agricultural business enterprise.
Terms Used In Minnesota Statutes 41C.02
- children: includes children by birth or adoption;
(9) "day" comprises the time from midnight to the next midnight;
(10) "fiscal year" means the year by or for which accounts are reckoned;
(11) "hereafter" means a reference to the time after the time when the law containing such word takes effect;
(12) "heretofore" means a reference to the time previous to the time when the law containing such word takes effect;
(13) "judicial sale" means a sale conducted by an officer or person authorized for the purpose by some competent tribunal;
(14) "minor" means an individual under the age of 18 years;
(15) "money" means lawful money of the United States;
(16) "night time" means the time from sunset to sunrise;
(17) "non compos mentis" refers to an individual of unsound mind;
(18) "notary" means a notary public;
(19) "now" in any provision of a law referring to other laws in force, or to persons in office, or to any facts or circumstances as existing, relates to the laws in force, or to the persons in office, or to the facts or circumstances existing, respectively, on the effective date of such provision;
(20) "verified" when used in reference to writings, means supported by oath or affirmation. See Minnesota Statutes 645.45
- 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.
- Minor: means an individual under the age of 18. See Minnesota Statutes 645.451
- 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.
- Personal property: All property that is not real property.
- Small business: means a business entity organized for profit, including but not limited to any individual, partnership, corporation, joint venture, association or cooperative, which entity:
(1) is not an affiliate or subsidiary of a business dominant in its field of operation; and
(2) has 20 or fewer full-time employees; or
(3) in the preceding fiscal year has not had more than the equivalent of $1,000,000 in annual gross revenues; or
(4) if the business is a technical or professional service, shall not have had more than the equivalent of $2,500,000 in annual gross revenues in the preceding fiscal year. See Minnesota Statutes 645.445
- Tax: means any fee, charge, exaction, or assessment imposed by a governmental entity on an individual, person, entity, transaction, good, service, or other thing. See Minnesota Statutes 645.44
Terms Used In Minnesota Statutes 41C.02
- children: includes children by birth or adoption;
(9) "day" comprises the time from midnight to the next midnight;
(10) "fiscal year" means the year by or for which accounts are reckoned;
(11) "hereafter" means a reference to the time after the time when the law containing such word takes effect;
(12) "heretofore" means a reference to the time previous to the time when the law containing such word takes effect;
(13) "judicial sale" means a sale conducted by an officer or person authorized for the purpose by some competent tribunal;
(14) "minor" means an individual under the age of 18 years;
(15) "money" means lawful money of the United States;
(16) "night time" means the time from sunset to sunrise;
(17) "non compos mentis" refers to an individual of unsound mind;
(18) "notary" means a notary public;
(19) "now" in any provision of a law referring to other laws in force, or to persons in office, or to any facts or circumstances as existing, relates to the laws in force, or to the persons in office, or to the facts or circumstances existing, respectively, on the effective date of such provision;
(20) "verified" when used in reference to writings, means supported by oath or affirmation. See Minnesota Statutes 645.45
- 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.
- Minor: means an individual under the age of 18. See Minnesota Statutes 645.451
- 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.
- Personal property: All property that is not real property.
- Small business: means a business entity organized for profit, including but not limited to any individual, partnership, corporation, joint venture, association or cooperative, which entity:
(1) is not an affiliate or subsidiary of a business dominant in its field of operation; and
(2) has 20 or fewer full-time employees; or
(3) in the preceding fiscal year has not had more than the equivalent of $1,000,000 in annual gross revenues; or
(4) if the business is a technical or professional service, shall not have had more than the equivalent of $2,500,000 in annual gross revenues in the preceding fiscal year. See Minnesota Statutes 645.445
- Tax: means any fee, charge, exaction, or assessment imposed by a governmental entity on an individual, person, entity, transaction, good, service, or other thing. See Minnesota Statutes 645.44
“Agricultural business enterprise” means a small business, as defined in section 645.445, subdivision 2, which owns or plans to own properties, real or personal, used or useful in connection with the general processing of agricultural products or in the manufacturing, assembly, or fabrication of agricultural or agriculture-related equipment. “Agricultural business enterprise” does not include an operation that involves the breeding or raising of livestock.
Subd. 3.Agricultural improvements.
“Agricultural improvements” means improvements, buildings, structures, or fixtures suitable for use in farming located on agricultural land, including a single-family dwelling located on agricultural land that is or will be occupied by a beginning farmer and structures attached to or incidental to the use of the dwelling.
Subd. 4.Agricultural land.
“Agricultural land” means land suitable for use in farming.
Subd. 5.Authority.
“Authority” means the Minnesota Rural Finance Authority established in section 41B.025.
Subd. 6.Beginning farmer.
“Beginning farmer” means an individual or partnership with a low or moderate net worth who engages in farming or plans to engage in farming.
Subd. 7.Bonds.
“Bonds” means bonds, notes, or other evidence of indebtedness issued by the authority under this chapter.
Subd. 8.Conservation farm equipment.
“Conservation farm equipment” means the specialized planters, cultivators, and tillage equipment used for reduced tillage or no-till planting of row crops.
Subd. 9.Depreciable agricultural property.
“Depreciable agricultural property” means personal property suitable for use in farming for which an income tax deduction for depreciation is allowable in computing federal income tax under the Internal Revenue Code of 1986, as amended.
Subd. 10.Farming.
“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, the production of livestock, aquaculture, hydroponics, or the production of forest products.
Subd. 11.Lending institution.
“Lending institution” includes “eligible lender” as defined in section 41B.02 and individuals.
Subd. 12.Low or moderate net worth.
“Low or moderate net worth” means:
(1) for an individual, an aggregate net worth of the individual and the individual’s spouse and minor children of less than $800,000 in 2017 and an amount in subsequent years which is adjusted for inflation by multiplying that amount by the cumulative inflation rate as determined by the United States All-Items Consumer Price Index; or
(2) for a partnership, an aggregate net worth of all partners, including each partner’s net capital in the partnership, and each partner’s spouse and minor children of less than twice the amount set for an individual in clause (1). However, the aggregate net worth of each partner and that partner’s spouse and minor children may not exceed the amount set for an individual in clause (1).