Terms Used In Tennessee Code > Title 43 > Chapter 32 > Part 1 - Commodity Dealer and Warehouse Law

• Agriculture: means :
  (i) The land, buildings and machinery used in the commercial production of farm products and nursery stock. See Tennessee Code 1-3-105
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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.
• Claimant: means :
  (A) Any producer or person, possessing warehouse receipts covering commodities owned or stored by the warehouseman. See Tennessee Code 43-32-102
• Commissioner: means the commissioner of agriculture, or the commissioner's designated representatives. See Tennessee Code 43-32-102
• commodities warehouse: means any building, structure, or other protected enclosure in this state used for the purpose of storing commodities for a consideration. See Tennessee Code 43-32-102
• commodities warehouseman: means any person who owns, controls or manages a public commodities warehouse in which commodities are stored for compensation and who is authorized to issue warehouse receipts, and includes any grain warehouse licensed under the United States Warehouse Act that has entered into a cooperative agreement. See Tennessee Code 43-32-102
• Commodity: means grain. See Tennessee Code 43-32-102
• Commodity dealer: means any person engaged in the business of buying commodities from producers thereof for resale or for milling or processing. See Tennessee Code 43-32-102
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Continuance: Putting off of a hearing ot trial until a later time.
• Cooperative agreement: means any agreement made by the department with a person, local unit of government, or state or federal agency as may be reasonable and proper to carry out this chapter. See Tennessee Code 43-32-102
• 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.
• Department: means the Tennessee department of agriculture. See Tennessee Code 43-32-102
• 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.
• Failure: means :
  (A) An inability to financially satisfy a claimant in accordance with applicable statute or regulation and the time limits provided therein, if any. See Tennessee Code 43-32-102
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Fraud: Intentional deception resulting in injury to another.
• Grain: means corn, wheat, oats, rye, soybeans, rape seed, canola and grain sorghums. See Tennessee Code 43-32-102
• Incidental commodity dealer: means any commodities dealer who purchases commodities from producers and whose total purchases of commodities during any fiscal year do not exceed one hundred thousand dollars ($100,000). See Tennessee Code 43-32-102
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• 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: includes an individual, corporation, partnership and all associations of two (2) or more persons having a joint or common interest. See Tennessee Code 43-32-102
• Producer: means the owner, tenant or operator of land in this state who has an interest in and receives all or any part of the proceeds from the sale of the commodities produced thereon. See Tennessee Code 43-32-102
• Program: means the Tennessee commodity producer indemnity program. See Tennessee Code 43-32-102
• Property: includes both personal and real property. See Tennessee Code 1-3-105
• Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
• Representative: when applied to those who represent a decedent, includes executors and administrators, unless the context implies heirs and distributees. See Tennessee Code 1-3-105
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
• Statute: A law passed by a legislature.
• Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.
• Trustee: A person or institution holding and administering property in trust.
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}
• United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
• United States Warehouse Act: means the United States Warehouse Act, enacted August 11, 1916, as amended. See Tennessee Code 43-32-102
• Warehouse receipt: means :
  (A) A warehouse receipt issued under this chapter in accordance with the Uniform Commercial Code. See Tennessee Code 43-32-102
• written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
• Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105