As used in the Public Warehouse and Commodity Indemnity Act:

1. “Charter” means a franchise issued to a person for the operation of a public warehouse;

2. “Commodities” means nonperishable grains or seeds;

3. “Depositor” means any person storing commodities with a state-chartered or federally licensed warehouse;

4. “Electronic document” means a document that is generated, sent, received, or stored by electronic data interchange, electronic mail, telegram, telex, or telecopy;

5. “Electronic receipt” means a receipt that is authorized by the State Board of Agriculture to be issued under this act in the form of an electronic document;

6. “Full market value” means the value required by law to be used by insurance underwriters in paying for losses of commodities insured for their actual cash value;

7. “Indemnity” means the Oklahoma Commodity Storage Indemnity Fund;

8. “Loss” means any monetary reduction in value to a producer of an extraordinary nature and which shall include, but not be limited to, bankruptcy, embezzlement, theft or fraud;

9. “Producer” means any person planting, raising, growing, or harvesting commodities;

10. “Public warehouse” means any place where commodities are received for storage, received for transfer to other public warehouses, or both;

11. “Storage” or “warehousing” means any method of holding commodities by a party other than the direct owner except for transportation;

12. “Warehouseman” means any person operating a public warehouse; and

13. “Warehouse receipt” means every receipt issued by a warehouseman for commodities pursuant to the Public Warehouse and Commodity Indemnity Act.

Added by Laws 1955, p. 79, art. 9(B), § 1. Amended by Laws 1977, c. 106, § 1, emerg. eff. May 27, 1977; Laws 1987, c. 125, § 2, emerg. eff. June 2, 1987; Laws 1988, c. 149, § 1, emerg. eff. May 2, 1988; Laws 1990, c. 155, § 1, emerg. eff. May 1, 1990; Laws 1997, c. 10, § 1, eff. July 1, 1997; Laws 2000, c. 243, § 84, emerg. eff. May 24, 2000; Laws 2001, c. 119, § 1, eff. Nov. 1, 2001.