AI-assisted research summary: This section defines key terms used in the subchapter, including Board, claim initiation date, financial failure, fund, grain, grain buyer, grain producer, and reinsurance.
Sec. 41.201. DEFINITIONS. 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. Section 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. Added by Acts 2011, 82nd Leg., R.S., Ch. 991 (H.B. 1840), Sec. 3, eff. September 1, 2011. Amended by: Acts 2015, 84th Leg., R.S., Ch. 33 (S.B. 1099), Sec. 2, eff. May 19, 2015.