Oregon Statutes 285A.422 – Definitions for ORS 285A.420 to 285A.435
As used in ORS § 285A.420 to 285A.435:
Terms Used In Oregon Statutes 285A.422
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Personal property: All property that is not real property.
(1) ‘Agricultural improvements’ means any improvements, buildings, structures or fixtures suitable for use in farming that are located on agricultural land.
(2) ‘Agricultural land’ means land located in this state that is suitable for use in farming and that is or will be operated as a farm.
(3) ‘Agricultural project’ means agricultural improvements, agricultural land or depreciable agricultural property.
(4) ‘Beginning farmer’ means a person, as defined by the Oregon Business Development Department by rule.
(5) ‘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, including but not limited to farm machinery and trucks but not including feeder livestock, seed, feed, fertilizer and other types of inventory or supplies.
(6) ‘Eligible revenue’ means the revenue or assets of an eligible agricultural project that are provided as security for a loan under ORS § 285A.420 to 285A.435 by a beginning farmer, an agent of the beginning farmer or a related party to the beginning farmer.
(7) ‘Lender’ means a person or entity authorized to make loans to beginning farmers pursuant to ORS § 285A.420 to 285A.435, that is one of the following:
(a) An insured institution, as defined in ORS § 706.008, that is authorized to do business in Oregon;
(b) A person selling agricultural land to a beginning farmer pursuant to an owner-financed agreement or sales contract;
(c) An institution organized and existing under the Farm Credit Act of 1971 (12 U.S.C. § 2001 et seq.); and
(d) Other persons or entities as defined by rule adopted by the Oregon Business Development Department. [2013 c.742 § 2; 2015 c.165 § 2]
See note under 285A.420.