Texas Agriculture Code 41.201 – Definitions
Terms Used In Texas Agriculture Code 41.201
- 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.
- 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.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005
In this subchapter:
(1) “Board” means the Texas Grain Producer Indemnity Board.
(2) “Claim initiation date” means the earliest date on which a grain buyer:
(A) files for federal bankruptcy protection;
(B) becomes the subject of an involuntary bankruptcy proceeding;
(C) is found to be insolvent by a court or a state or federal licensing agency;
(D) is ordered by a court having jurisdiction to pay a judgment to a grain producer; or
(E) loses its public warehouse license under:
(i) the United States Warehouse Act (7 U.S.C. § 241 et seq.); or
(ii) Chapter 14.
(3) “Financial failure” means an event described by Subdivision (2)(A), (B), (C), (D), or (E).
(3-a) “Fund” means the grain producer indemnity fund.
(4) “Grain” means corn, soybeans, wheat, and grain sorghum.
(5) “Grain buyer” means a person who buys grain from a grain producer or stores unsold grain for a grain producer. The term includes:
(A) a purchaser;
(B) a warehouseman;
(C) a processor; or
(D) a commercial handler.
(6) “Grain producer” means a person, including the owner of a farm on which grain is produced, or the owner’s tenant or sharecropper, engaged in the business of producing grain or causing grain to be produced for commercial purposes.
(8) “Reinsurance” means an insurance product purchased by the board to reduce the financial risk and capital balance associated with the function of the board.