South Carolina Code 46-40-20. Definitions
(1) "Department" means the South Carolina Department of Agriculture.
Terms Used In South Carolina Code 46-40-20
- 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.
- 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.
- Debtor: means the Southern Soya Corporation now in bankruptcy. See South Carolina Code 46-40-20
- Department: means the South Carolina Department of Agriculture. See South Carolina Code 46-40-20
- Grain: means any feed grains or oil seeds, except cottonseeds, sold by South Carolina grain dealers. See South Carolina Code 46-40-20
- Loss: means any monetary loss of a debtor over and beyond the amount protected by the debtor's bond and over and beyond the amount, if any, previously received for the monetary loss from the South Carolina Grain Producers Guaranty Fund or the Warehouse Receipts Guaranty Fund as a result of doing business with the debtor. See South Carolina Code 46-40-20
(2) "Fair market value" means the value based on the average market price being paid to grain dealers by grain processors on a specified date.
(3) "Grain" means any feed grains or oil seeds, except cottonseeds, sold by South Carolina grain dealers.
(4) "Debtor" means the Southern Soya Corporation now in bankruptcy. Bankruptcy for this purpose includes a Chapter 7 liquidation or a Chapter 11 reorganization.
(5) "Loss" means any monetary loss of a debtor over and beyond the amount protected by the debtor’s bond and over and beyond the amount, if any, previously received for the monetary loss from the South Carolina Grain Producers Guaranty Fund or the Warehouse Receipts Guaranty Fund as a result of doing business with the debtor.
(6) "Date of loss" means the date the debtor filed its petition for bankruptcy.
(7) "Grain dealer" means any resident licensed by this State engaged in selling grain received from the producer or the producer’s agent.