State Codes and Statutes

Statutes > Missouri > T26 > C411 > 411_026

Definitions.

411.026. The following words, terms and phrases, when used in thischapter, except where the context clearly indicates a different meaning,shall mean:

(1) "Authorized agent", any person who has the legal authority to acton behalf of, or for the benefit of, another person;

(2) "Certified public accountant", any person licensed as such underchapter 326, RSMo;

(3) "Claimant", any person or depositor who requests, but does notreceive, payment for, or redelivery of, grain stored at a warehouse becausethe warehouseman fails or refuses to make such payment or redelivery;

(4) "Compensation", anything of value or benefit, whether in cash,kind or otherwise;

(5) "Credit sales contracts", a conditional grain sales contractwherein payment and/or pricing of the grain is deferred to a later date.Credit sales contracts include, but are not limited to, all contractsmeeting the definition of deferred payment contracts, and/or delayed pricecontracts;

(6) "Current assets", resources that are reasonably expected to berealized in cash, sold, or consumed (prepaid items) within one year of thebalance sheet date;

(7) "Current liabilities", obligations reasonably expected to beliquidated within one year and the liquidation of which is expected torequire the use of existing resources, properly classified as currentassets, or the creation of additional liabilities. Current liabilitiesinclude obligations that, by their terms, are payable on demand unless thecreditor has waived, in writing, the right to demand payment within oneyear of the balance sheet date;

(8) "Deferred payment agreement", a conditional grain salestransaction establishing an agreed-upon price for the grain and delayingpayment to an agreed-upon later date or time period. Ownership of thegrain, and the right to sell it, transfers from seller to buyer so long asthe conditions specified in section 276.461, RSMo, and section 411.325 aremet;

(9) "Deferred pricing agreement", a conditional grain salestransaction wherein no price has been established on the grain, the sellerretains the right to price the grain later at a mutually agreed-upon methodof price determination. Deferred pricing agreements include, but are notlimited to, contracts commonly known as no price established contracts,price later contracts, and basis contracts on which the purchase price isnot established at or before delivery of the grain. Ownership of thegrain, and the right to sell it, transfers from seller to buyer so long asthe conditions specified in section 276.461, RSMo, and section 411.325 aremet;

(10) "Delivery", the voluntary physical transfer of grain from oneperson to another;

(11) "Department", the Missouri department of agriculture;

(12) "Depositor", any person who deposits grain in a warehouse forstorage, handling, shipment, processing, or who is the owner or holder of awarehouse receipt, or who is otherwise lawfully entitled to possession ofthe grain;

(13) "Designated representative", an employee or official of thedepartment designated by the director to assist in the administration andenforcement of the Missouri grain warehouse law;

(14) "Director", the director of the Missouri department ofagriculture or his designated representative;

(15) "Documents of title" include negotiable and nonnegotiablewarehouse receipts, scale tickets, and other documents which are issued inthe regular course of a warehouseman's business, and which adequatelyevidence that the possessor is entitled to receive, hold, and dispose ofthe goods it covers;

(16) "Generally accepted accounting principles", the conventions,rules and procedures necessary to define accepted accounting practice,which include broad guidelines of general application as well as detailedpractices and procedures generally accepted by the accounting profession,and which have substantial authoritative support from the AmericanInstitute of Certified Public Accountants;

(17) "Grain", all grains for which standards have been establishedunder the United States Grain Standards Act (Sections 71 to 87 of Title 7,United States Code), and any other agricultural commodities, seeds andvegetable oils prescribed by the director by regulation, except the term"grain" shall not include those commodities deemed not to be grain pursuantto section 411.028;

(18) "Grain inspector", a warehouseman or a person employed by thewarehouseman to inspect, grade or sign warehouse receipts for grain storedor to be stored in a warehouse licensed under this chapter;

(19) "Grain weigher", a warehouseman or a person employed by thewarehouseman to weigh grain stored or to be stored in a warehouse licensedunder this chapter;

(20) "Holder of receipt", a person who has possession of a warehousereceipt, or a right of property therein;

(21) "Insolvent" or "insolvency", either, or both of the following:

(a) An excess of liabilities over assets; or

(b) The inability of a warehouseman to meet his financial obligationsas they come due;

(22) "Interested person", any person having a contractual or otherfinancial interest in grain stored in a warehouse licensed or required tobe licensed under this chapter;

(23) "Licensed warehouse", a warehouse for which the department hasissued a license to operate as a public warehouse in accordance with theprovisions of this chapter;

(24) "Licensed warehouseman", a warehouseman who owns or operates awarehouse licensed under the provisions of this chapter;

(25) "Minimum price contract", a conditional grain sales transactionestablishing an agreed-upon minimum purchase price for the grain and wherethe seller may participate in subsequent price gain, if any. Ownership ofthe grain, and the right to sell it, transfers from the seller to the buyerso long as the conditions specified in section 276.461, RSMo, and section411.325 are met;

(26) "Official grain standards", the standards of quality orcondition for grain, fixed and established by the Secretary of Agricultureof the United States of America under the regulations of the United StatesGrain Standards Act;

(27) "Operator" or "warehouseman", any person who owns, controls,operates or manages any warehouse whether such owner resides within thestate or not;

(28) "Person" means and includes any individual, firm, partnership,exchange, association, trustee, receiver, corporation, cooperative,society, public body, political subdivision, or any other business orcommercial entity or organization of any kind whatsoever, and any member,officer or employee thereof;

(29) "Private warehouse", any warehouse within this state used forthe purpose of storing grain exclusively for the owners or operators ofthat warehouse and/or individual producers affiliated with the owner oroperator in a landlord/tenant relationship on farmland and, except asotherwise herein specifically provided, which is not subject to theprovisions of this chapter;

(30) "Producer", any owner, tenant or operator of land who has aninterest in and receives all or any part of the proceeds from the sale ofgrain or livestock produced thereon;

(31) "Public warehouse", a warehouse used for the purpose of storinggrain of owners other than the warehouseman, whether grain of the owners becommingled or whether identity of different lots be preserved, or awarehouse used for any purpose for which a license is required undersection 411.255;

(32) "Public warehouseman", any person owning or operating a publicwarehouse whether that owner or operator resides within the state or not;

(33) "Receipt", a grain warehouse receipt, whether negotiable ornonnegotiable, issued under this chapter;

(34) "Regulations" or "rules", rules, regulations and standardspromulgated pursuant to this chapter by the director;

(35) "Storage grain" or "stored grain", any grain received in awarehouse, including grain bank grain, unless sold in accordance with theprovisions of section 411.325 or sold in accordance with the provisions ofsections 276.401 to 276.582, RSMo;

(36) "Successor's agreement", a written agreement between any publicwarehouseman ceasing operations as a public warehouseman and the personsucceeding him which states how the obligations to depositors will behandled;

(37) "Terminal warehouse", any warehouse where the department makesavailable official grain inspectors and official weighmasters on afull-time basis;

(38) "Terminal warehouseman", the person owning or operating aterminal warehouse whether such owner or operator resides within the stateor not;

(39) "Violation", any act contrary to the provisions of this chapteror any failure by a person to act as required by the provisions of thischapter or regulations promulgated hereunder;

(40) "Warehouse", any building, structure or other enclosure in whichgrain is or may be stored and through which grain is or may be handled orshipped. All facilities used in connection with the operation of thewarehouse shall be deemed to be part of the warehouse;

(41) "Warehouse auditor", or "warehouse examiner", or "inspector",any individual appointed under this chapter by the director to assist inthe administration of the chapter. These terms shall include personsemployed as warehouse examiners under the United States Warehouse Act.

(L. 1965 p. 606, A.L. 1977 S.B. 75, A.L. 1980 S.B. 601, A.L. 1981 S.B. 366, A.L. 1986 H.B. 1578, A.L. 1995 H.B. 337, A.L. 1997 H.B. 211)

Effective 4-2-97

State Codes and Statutes

Statutes > Missouri > T26 > C411 > 411_026

Definitions.

411.026. The following words, terms and phrases, when used in thischapter, except where the context clearly indicates a different meaning,shall mean:

(1) "Authorized agent", any person who has the legal authority to acton behalf of, or for the benefit of, another person;

(2) "Certified public accountant", any person licensed as such underchapter 326, RSMo;

(3) "Claimant", any person or depositor who requests, but does notreceive, payment for, or redelivery of, grain stored at a warehouse becausethe warehouseman fails or refuses to make such payment or redelivery;

(4) "Compensation", anything of value or benefit, whether in cash,kind or otherwise;

(5) "Credit sales contracts", a conditional grain sales contractwherein payment and/or pricing of the grain is deferred to a later date.Credit sales contracts include, but are not limited to, all contractsmeeting the definition of deferred payment contracts, and/or delayed pricecontracts;

(6) "Current assets", resources that are reasonably expected to berealized in cash, sold, or consumed (prepaid items) within one year of thebalance sheet date;

(7) "Current liabilities", obligations reasonably expected to beliquidated within one year and the liquidation of which is expected torequire the use of existing resources, properly classified as currentassets, or the creation of additional liabilities. Current liabilitiesinclude obligations that, by their terms, are payable on demand unless thecreditor has waived, in writing, the right to demand payment within oneyear of the balance sheet date;

(8) "Deferred payment agreement", a conditional grain salestransaction establishing an agreed-upon price for the grain and delayingpayment to an agreed-upon later date or time period. Ownership of thegrain, and the right to sell it, transfers from seller to buyer so long asthe conditions specified in section 276.461, RSMo, and section 411.325 aremet;

(9) "Deferred pricing agreement", a conditional grain salestransaction wherein no price has been established on the grain, the sellerretains the right to price the grain later at a mutually agreed-upon methodof price determination. Deferred pricing agreements include, but are notlimited to, contracts commonly known as no price established contracts,price later contracts, and basis contracts on which the purchase price isnot established at or before delivery of the grain. Ownership of thegrain, and the right to sell it, transfers from seller to buyer so long asthe conditions specified in section 276.461, RSMo, and section 411.325 aremet;

(10) "Delivery", the voluntary physical transfer of grain from oneperson to another;

(11) "Department", the Missouri department of agriculture;

(12) "Depositor", any person who deposits grain in a warehouse forstorage, handling, shipment, processing, or who is the owner or holder of awarehouse receipt, or who is otherwise lawfully entitled to possession ofthe grain;

(13) "Designated representative", an employee or official of thedepartment designated by the director to assist in the administration andenforcement of the Missouri grain warehouse law;

(14) "Director", the director of the Missouri department ofagriculture or his designated representative;

(15) "Documents of title" include negotiable and nonnegotiablewarehouse receipts, scale tickets, and other documents which are issued inthe regular course of a warehouseman's business, and which adequatelyevidence that the possessor is entitled to receive, hold, and dispose ofthe goods it covers;

(16) "Generally accepted accounting principles", the conventions,rules and procedures necessary to define accepted accounting practice,which include broad guidelines of general application as well as detailedpractices and procedures generally accepted by the accounting profession,and which have substantial authoritative support from the AmericanInstitute of Certified Public Accountants;

(17) "Grain", all grains for which standards have been establishedunder the United States Grain Standards Act (Sections 71 to 87 of Title 7,United States Code), and any other agricultural commodities, seeds andvegetable oils prescribed by the director by regulation, except the term"grain" shall not include those commodities deemed not to be grain pursuantto section 411.028;

(18) "Grain inspector", a warehouseman or a person employed by thewarehouseman to inspect, grade or sign warehouse receipts for grain storedor to be stored in a warehouse licensed under this chapter;

(19) "Grain weigher", a warehouseman or a person employed by thewarehouseman to weigh grain stored or to be stored in a warehouse licensedunder this chapter;

(20) "Holder of receipt", a person who has possession of a warehousereceipt, or a right of property therein;

(21) "Insolvent" or "insolvency", either, or both of the following:

(a) An excess of liabilities over assets; or

(b) The inability of a warehouseman to meet his financial obligationsas they come due;

(22) "Interested person", any person having a contractual or otherfinancial interest in grain stored in a warehouse licensed or required tobe licensed under this chapter;

(23) "Licensed warehouse", a warehouse for which the department hasissued a license to operate as a public warehouse in accordance with theprovisions of this chapter;

(24) "Licensed warehouseman", a warehouseman who owns or operates awarehouse licensed under the provisions of this chapter;

(25) "Minimum price contract", a conditional grain sales transactionestablishing an agreed-upon minimum purchase price for the grain and wherethe seller may participate in subsequent price gain, if any. Ownership ofthe grain, and the right to sell it, transfers from the seller to the buyerso long as the conditions specified in section 276.461, RSMo, and section411.325 are met;

(26) "Official grain standards", the standards of quality orcondition for grain, fixed and established by the Secretary of Agricultureof the United States of America under the regulations of the United StatesGrain Standards Act;

(27) "Operator" or "warehouseman", any person who owns, controls,operates or manages any warehouse whether such owner resides within thestate or not;

(28) "Person" means and includes any individual, firm, partnership,exchange, association, trustee, receiver, corporation, cooperative,society, public body, political subdivision, or any other business orcommercial entity or organization of any kind whatsoever, and any member,officer or employee thereof;

(29) "Private warehouse", any warehouse within this state used forthe purpose of storing grain exclusively for the owners or operators ofthat warehouse and/or individual producers affiliated with the owner oroperator in a landlord/tenant relationship on farmland and, except asotherwise herein specifically provided, which is not subject to theprovisions of this chapter;

(30) "Producer", any owner, tenant or operator of land who has aninterest in and receives all or any part of the proceeds from the sale ofgrain or livestock produced thereon;

(31) "Public warehouse", a warehouse used for the purpose of storinggrain of owners other than the warehouseman, whether grain of the owners becommingled or whether identity of different lots be preserved, or awarehouse used for any purpose for which a license is required undersection 411.255;

(32) "Public warehouseman", any person owning or operating a publicwarehouse whether that owner or operator resides within the state or not;

(33) "Receipt", a grain warehouse receipt, whether negotiable ornonnegotiable, issued under this chapter;

(34) "Regulations" or "rules", rules, regulations and standardspromulgated pursuant to this chapter by the director;

(35) "Storage grain" or "stored grain", any grain received in awarehouse, including grain bank grain, unless sold in accordance with theprovisions of section 411.325 or sold in accordance with the provisions ofsections 276.401 to 276.582, RSMo;

(36) "Successor's agreement", a written agreement between any publicwarehouseman ceasing operations as a public warehouseman and the personsucceeding him which states how the obligations to depositors will behandled;

(37) "Terminal warehouse", any warehouse where the department makesavailable official grain inspectors and official weighmasters on afull-time basis;

(38) "Terminal warehouseman", the person owning or operating aterminal warehouse whether such owner or operator resides within the stateor not;

(39) "Violation", any act contrary to the provisions of this chapteror any failure by a person to act as required by the provisions of thischapter or regulations promulgated hereunder;

(40) "Warehouse", any building, structure or other enclosure in whichgrain is or may be stored and through which grain is or may be handled orshipped. All facilities used in connection with the operation of thewarehouse shall be deemed to be part of the warehouse;

(41) "Warehouse auditor", or "warehouse examiner", or "inspector",any individual appointed under this chapter by the director to assist inthe administration of the chapter. These terms shall include personsemployed as warehouse examiners under the United States Warehouse Act.

(L. 1965 p. 606, A.L. 1977 S.B. 75, A.L. 1980 S.B. 601, A.L. 1981 S.B. 366, A.L. 1986 H.B. 1578, A.L. 1995 H.B. 337, A.L. 1997 H.B. 211)

Effective 4-2-97


State Codes and Statutes

State Codes and Statutes

Statutes > Missouri > T26 > C411 > 411_026

Definitions.

411.026. The following words, terms and phrases, when used in thischapter, except where the context clearly indicates a different meaning,shall mean:

(1) "Authorized agent", any person who has the legal authority to acton behalf of, or for the benefit of, another person;

(2) "Certified public accountant", any person licensed as such underchapter 326, RSMo;

(3) "Claimant", any person or depositor who requests, but does notreceive, payment for, or redelivery of, grain stored at a warehouse becausethe warehouseman fails or refuses to make such payment or redelivery;

(4) "Compensation", anything of value or benefit, whether in cash,kind or otherwise;

(5) "Credit sales contracts", a conditional grain sales contractwherein payment and/or pricing of the grain is deferred to a later date.Credit sales contracts include, but are not limited to, all contractsmeeting the definition of deferred payment contracts, and/or delayed pricecontracts;

(6) "Current assets", resources that are reasonably expected to berealized in cash, sold, or consumed (prepaid items) within one year of thebalance sheet date;

(7) "Current liabilities", obligations reasonably expected to beliquidated within one year and the liquidation of which is expected torequire the use of existing resources, properly classified as currentassets, or the creation of additional liabilities. Current liabilitiesinclude obligations that, by their terms, are payable on demand unless thecreditor has waived, in writing, the right to demand payment within oneyear of the balance sheet date;

(8) "Deferred payment agreement", a conditional grain salestransaction establishing an agreed-upon price for the grain and delayingpayment to an agreed-upon later date or time period. Ownership of thegrain, and the right to sell it, transfers from seller to buyer so long asthe conditions specified in section 276.461, RSMo, and section 411.325 aremet;

(9) "Deferred pricing agreement", a conditional grain salestransaction wherein no price has been established on the grain, the sellerretains the right to price the grain later at a mutually agreed-upon methodof price determination. Deferred pricing agreements include, but are notlimited to, contracts commonly known as no price established contracts,price later contracts, and basis contracts on which the purchase price isnot established at or before delivery of the grain. Ownership of thegrain, and the right to sell it, transfers from seller to buyer so long asthe conditions specified in section 276.461, RSMo, and section 411.325 aremet;

(10) "Delivery", the voluntary physical transfer of grain from oneperson to another;

(11) "Department", the Missouri department of agriculture;

(12) "Depositor", any person who deposits grain in a warehouse forstorage, handling, shipment, processing, or who is the owner or holder of awarehouse receipt, or who is otherwise lawfully entitled to possession ofthe grain;

(13) "Designated representative", an employee or official of thedepartment designated by the director to assist in the administration andenforcement of the Missouri grain warehouse law;

(14) "Director", the director of the Missouri department ofagriculture or his designated representative;

(15) "Documents of title" include negotiable and nonnegotiablewarehouse receipts, scale tickets, and other documents which are issued inthe regular course of a warehouseman's business, and which adequatelyevidence that the possessor is entitled to receive, hold, and dispose ofthe goods it covers;

(16) "Generally accepted accounting principles", the conventions,rules and procedures necessary to define accepted accounting practice,which include broad guidelines of general application as well as detailedpractices and procedures generally accepted by the accounting profession,and which have substantial authoritative support from the AmericanInstitute of Certified Public Accountants;

(17) "Grain", all grains for which standards have been establishedunder the United States Grain Standards Act (Sections 71 to 87 of Title 7,United States Code), and any other agricultural commodities, seeds andvegetable oils prescribed by the director by regulation, except the term"grain" shall not include those commodities deemed not to be grain pursuantto section 411.028;

(18) "Grain inspector", a warehouseman or a person employed by thewarehouseman to inspect, grade or sign warehouse receipts for grain storedor to be stored in a warehouse licensed under this chapter;

(19) "Grain weigher", a warehouseman or a person employed by thewarehouseman to weigh grain stored or to be stored in a warehouse licensedunder this chapter;

(20) "Holder of receipt", a person who has possession of a warehousereceipt, or a right of property therein;

(21) "Insolvent" or "insolvency", either, or both of the following:

(a) An excess of liabilities over assets; or

(b) The inability of a warehouseman to meet his financial obligationsas they come due;

(22) "Interested person", any person having a contractual or otherfinancial interest in grain stored in a warehouse licensed or required tobe licensed under this chapter;

(23) "Licensed warehouse", a warehouse for which the department hasissued a license to operate as a public warehouse in accordance with theprovisions of this chapter;

(24) "Licensed warehouseman", a warehouseman who owns or operates awarehouse licensed under the provisions of this chapter;

(25) "Minimum price contract", a conditional grain sales transactionestablishing an agreed-upon minimum purchase price for the grain and wherethe seller may participate in subsequent price gain, if any. Ownership ofthe grain, and the right to sell it, transfers from the seller to the buyerso long as the conditions specified in section 276.461, RSMo, and section411.325 are met;

(26) "Official grain standards", the standards of quality orcondition for grain, fixed and established by the Secretary of Agricultureof the United States of America under the regulations of the United StatesGrain Standards Act;

(27) "Operator" or "warehouseman", any person who owns, controls,operates or manages any warehouse whether such owner resides within thestate or not;

(28) "Person" means and includes any individual, firm, partnership,exchange, association, trustee, receiver, corporation, cooperative,society, public body, political subdivision, or any other business orcommercial entity or organization of any kind whatsoever, and any member,officer or employee thereof;

(29) "Private warehouse", any warehouse within this state used forthe purpose of storing grain exclusively for the owners or operators ofthat warehouse and/or individual producers affiliated with the owner oroperator in a landlord/tenant relationship on farmland and, except asotherwise herein specifically provided, which is not subject to theprovisions of this chapter;

(30) "Producer", any owner, tenant or operator of land who has aninterest in and receives all or any part of the proceeds from the sale ofgrain or livestock produced thereon;

(31) "Public warehouse", a warehouse used for the purpose of storinggrain of owners other than the warehouseman, whether grain of the owners becommingled or whether identity of different lots be preserved, or awarehouse used for any purpose for which a license is required undersection 411.255;

(32) "Public warehouseman", any person owning or operating a publicwarehouse whether that owner or operator resides within the state or not;

(33) "Receipt", a grain warehouse receipt, whether negotiable ornonnegotiable, issued under this chapter;

(34) "Regulations" or "rules", rules, regulations and standardspromulgated pursuant to this chapter by the director;

(35) "Storage grain" or "stored grain", any grain received in awarehouse, including grain bank grain, unless sold in accordance with theprovisions of section 411.325 or sold in accordance with the provisions ofsections 276.401 to 276.582, RSMo;

(36) "Successor's agreement", a written agreement between any publicwarehouseman ceasing operations as a public warehouseman and the personsucceeding him which states how the obligations to depositors will behandled;

(37) "Terminal warehouse", any warehouse where the department makesavailable official grain inspectors and official weighmasters on afull-time basis;

(38) "Terminal warehouseman", the person owning or operating aterminal warehouse whether such owner or operator resides within the stateor not;

(39) "Violation", any act contrary to the provisions of this chapteror any failure by a person to act as required by the provisions of thischapter or regulations promulgated hereunder;

(40) "Warehouse", any building, structure or other enclosure in whichgrain is or may be stored and through which grain is or may be handled orshipped. All facilities used in connection with the operation of thewarehouse shall be deemed to be part of the warehouse;

(41) "Warehouse auditor", or "warehouse examiner", or "inspector",any individual appointed under this chapter by the director to assist inthe administration of the chapter. These terms shall include personsemployed as warehouse examiners under the United States Warehouse Act.

(L. 1965 p. 606, A.L. 1977 S.B. 75, A.L. 1980 S.B. 601, A.L. 1981 S.B. 366, A.L. 1986 H.B. 1578, A.L. 1995 H.B. 337, A.L. 1997 H.B. 211)

Effective 4-2-97