Virginia Code 3.2-4753: Definitions.
As used in this article, unless the context requires a different meaning:
Terms Used In Virginia Code 3.2-4753
- 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.
- Department: means the Department of Agriculture and Consumer Services. See Virginia Code 3.2-100
- Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC
- Fraud: Intentional deception resulting in injury to another.
- Grain: means grains including corn (maize), wheat, rye, oats, barley, flaxseed, soybeans, and sunflower. See Virginia Code 3.2-4753
- Grain dealer: means any person who buys, solicits for sale or resale, processes for sale or resale, contracts for storage or exchange, or transfers grain of a Virginia producer. See Virginia Code 3.2-4753
- Loss: means any monetary loss to a producer as a result of doing business with a dealer that shall include bankruptcy, embezzlement, theft or fraud. See Virginia Code 3.2-4753
- Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
- Producer: means any person in Virginia who produces grain. See Virginia Code 3.2-4753
“Cash buyer” means any person who pays the producer, or his representative, at the time of obtaining title, possession or control of grain, the agreed price of such grain in coin or currency, certified checks, cashier’s checks, or drafts issued by a bank.
“Contract” means a binding agreement between the grain dealer and the producer that describes the terms and conditions of the delivery of grain and the purchase price.
“Deferred payment” means that the purchase price for grain delivered by the producer is fixed and specified in the contract, but payment is not received by the producer until a mutually agreed upon subsequent date.
“Full market value” means the value recognized as the average weekly price per bushel for the Commonwealth as quoted by the Department.
“Grain” means grains including corn (maize), wheat, rye, oats, barley, flaxseed, soybeans, and sunflower.
“Grain bank” means grain owned by a producer and held temporarily by the dealer for use in the formulation of feed and returned to the producer on demand as feed or whole grain.
“Grain dealer” means any person who buys, solicits for sale or resale, processes for sale or resale, contracts for storage or exchange, or transfers grain of a Virginia producer. The term shall exclude farmers or groups of farmers buying grain for consumption on their farms.
“Grain exchange” means grain owned by a producer and held temporarily by the dealer for use in the formulation of processed flour to be returned to the producer on demand as flour or whole grain.
“Loss” means any monetary loss to a producer as a result of doing business with a dealer that shall include bankruptcy, embezzlement, theft or fraud.
“Price later” means that the actual purchase price is not fixed at the time of delivery, but allows the producer to choose a bid price on any business day during a stated time period as agreed between the parties.
“Producer” means any person in Virginia who produces grain.
“Storage” or “holding” means any method by which grain owned by another is held for the owner by a person who is not the direct owner, except for transportation thereof.
1972, c. 296, § 3.1-722.16; 1982, c. 187; 2008, c. 860.