Missouri Revised Statutes § 411.026 - Definitions

411.026. Definitions. — The following words, terms and phrases, when used in this chapter, except where the context clearly indicates a different meaning, shall mean: (1) "Authorized agent", any person who has the legal authority to act on behalf of, or for the benefit of, another person; (2) "Certified public accountant", any person licensed as such under chapter 326; (3) "Claimant", any person or depositor who requests, but does not receive, payment for, or redelivery of, grain stored at a warehouse because the 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 contract wherein payment and/or pricing of the grain is deferred to a later date. Credit sales contracts include, but are not limited to, all contracts meeting the definition of deferred payment contracts, and/or delayed price contracts; (6) "Current assets", resources that are reasonably expected to be realized in cash, sold, or consumed (prepaid items) within one year of the balance sheet date; (7) "Current liabilities", obligations reasonably expected to be liquidated within one year and the liquidation of which is expected to require the use of existing resources, properly classified as current assets, or the creation of additional liabilities. Current liabilities include obligations that, by their terms, are payable on demand unless the creditor has waived, in writing, the right to demand payment within one year of the balance sheet date; (8) "Deferred payment agreement", a conditional grain sales transaction establishing an agreed-upon price for the grain and delaying payment to an agreed-upon later date or time period. Ownership of the grain, and the right to sell it, transfers from seller to buyer so long as the conditions specified in section 276.461 and section 411.325 are met; (9) "Deferred pricing agreement", a conditional grain sales transaction wherein no price has been established on the grain, the seller retains the right to price the grain later at a mutually agreed-upon method of price determination. Deferred pricing agreements include, but are not limited to, contracts commonly known as no price established contracts, price later contracts, and basis contracts on which the purchase price is not established at or before delivery of the grain. Ownership of the grain, and the right to sell it, transfers from seller to buyer so long as the conditions specified in section 276.461 and section 411.325 are met; (10) "Delivery", the voluntary physical transfer of grain from one person to another; (11) "Department", the Missouri department of agriculture; (12) "Depositor", any person who deposits grain in a warehouse for storage, handling, shipment, processing, or who is the owner or holder of a warehouse receipt, or who is otherwise lawfully entitled to possession of the grain; (13) "Designated representative", an employee or official of the department designated by the director to assist in the administration and enforcement of the Missouri grain warehouse law; (14) "Director", the director of the Missouri department of agriculture or his designated representative; (15) "Documents of title" include negotiable and nonnegotiable warehouse receipts, scale tickets, and other documents which are issued in the regular course of a warehouseman's business, and which adequately evidence that the possessor is entitled to receive, hold, and dispose of the 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 detailed practices and procedures generally accepted by the accounting profession, and which have substantial authoritative support from the American Institute of Certified Public Accountants; (17) "Grain", all grains for which standards have been established under the United States Grain Standards Act (Sections 71 to 87 of Title 7, United States Code), and any other agricultural commodities, seeds and vegetable oils prescribed by the director by regulation, except the term "grain" shall not include those commodities deemed not to be grain pursuant to section 411.028; (18) "Grain inspector", a warehouseman or a person employed by the warehouseman to inspect, grade or sign warehouse receipts for grain stored or to be stored in a warehouse licensed under this chapter; (19) "Grain weigher", a warehouseman or a person employed by the warehouseman to weigh grain stored or to be stored in a warehouse licensed under this chapter; (20) "Holder of receipt", a person who has possession of a warehouse receipt, 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 obligations as they come due; (22) "Interested person", any person having a contractual or other financial interest in grain stored in a warehouse licensed or required to be licensed under this chapter; (23) "Licensed warehouse", a warehouse for which the department has issued a license to operate as a public warehouse in accordance with the provisions of this chapter; (24) "Licensed warehouseman", a warehouseman who owns or operates a warehouse licensed under the provisions of this chapter; (25) "Minimum price contract", a conditional grain sales transaction establishing an agreed-upon minimum purchase price for the grain and where the seller may participate in subsequent price gain, if any. Ownership of the grain, and the right to sell it, transfers from the seller to the buyer so long as the conditions specified in section 276.461 and section 411.325 are met; (26) "Official grain standards", the standards of quality or condition for grain, fixed and established by the Secretary of Agriculture of the United States of America under the regulations of the United States Grain Standards Act; (27) "Operator" or "warehouseman", any person who owns, controls, operates or manages any warehouse whether such owner resides within the state 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 or commercial entity or organization of any kind whatsoever, and any member, officer or employee thereof; (29) "Private warehouse", any warehouse within this state used for the purpose of storing grain exclusively for the owners or operators of that warehouse and/or individual producers affiliated with the owner or operator in a landlord/tenant relationship on farmland and, except as otherwise herein specifically provided, which is not subject to the provisions of this chapter; (30) "Producer", any owner, tenant or operator of land who has an interest in and receives all or any part of the proceeds from the sale of grain or livestock produced thereon; (31) "Public warehouse", a warehouse used for the purpose of storing grain of owners other than the warehouseman, whether grain of the owners be commingled or whether identity of different lots be preserved, or a warehouse used for any purpose for which a license is required under section 411.255; (32) "Public warehouseman", any person owning or operating a public warehouse whether that owner or operator resides within the state or not; (33) "Receipt", a grain warehouse receipt, whether negotiable or nonnegotiable, issued under this chapter; (34) "Regulations" or "rules", rules, regulations and standards promulgated pursuant to this chapter by the director; (35) "Storage grain" or "stored grain", any grain received in a warehouse, including grain bank grain, unless sold in accordance with the provisions of section 411.325 or sold in accordance with the provisions of sections 276.401 to 276.582; (36) "Successor's agreement", a written agreement between any public warehouseman ceasing operations as a public warehouseman and the person succeeding him which states how the obligations to depositors will be handled; (37) "Terminal warehouse", any warehouse where the department makes available official grain inspectors and official weighmasters on a full-time basis; (38) "Terminal warehouseman", the person owning or operating a terminal warehouse whether such owner or operator resides within the state or not; (39) "Violation", any act contrary to the provisions of this chapter or any failure by a person to act as required by the provisions of this chapter or regulations promulgated hereunder; (40) "Warehouse", any building, structure or other enclosure in which grain is or may be stored and through which grain is or may be handled or shipped. All facilities used in connection with the operation of the warehouse 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 in the administration of the chapter. These terms shall include persons employed 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 4-02-97