126.10 Definitions. In this subchapter:

(1) “Cash on delivery" means full cash payment for grain when the grain dealer takes custody or control of the grain.

(2) “Cash payment" means payment in any of the following forms:

(a) Currency.

(b) A cashier's check or a check that a bank issues and certifies.

(c) A wire transfer.

(d) Simultaneous barter.

(3) “Contributing grain dealer" means a grain dealer who is licensed under s. 126.11, who either has paid one or more quarterly installments under s. 126.15 (7) or is required to contribute to the fund, but the first quarterly installment under s. 126.15 (7) is not yet due, and who is not disqualified from the fund under s. 126.14 (2).

(4) “Current ratio" means the ratio of the value of current assets to the value of current liabilities, calculated according to s. 126.13 (6) (c) 1.

(5) “Debt to equity ratio" means the ratio of the value of liabilities to equity, calculated according to s. 126.13 (6) (c) 2.

(6) “Deferred payment contract" means a contract for the procurement of grain under which a grain dealer takes custody or control of producer grain more than 7 days before paying for the grain in full. “Deferred payment contract" includes a deferred price contract.

(7) “Deferred price contract" means a contract for the procurement of grain under which a grain dealer takes custody or control of producer grain more than 7 days before the price of that grain must be determined under the contract.

(8) “Disqualified grain dealer" means a grain dealer who is disqualified from the fund under s. 126.14 (2).

(9) “Grain dealer" means a person who buys producer grain or who markets producer grain as a producer agent. “Grain dealer" does not include any of the following:

(a) A person who merely brokers a contract between a grain producer and a grain dealer without becoming a party to the contract, taking control of grain, or accepting payment on behalf of the grain producer.

(b) A person who merely buys or sells grain on a board of trade or commodity exchange.

(10) “Grain producer" means a person who grows grain.

(10m) “License year" means the period beginning on September 1 and ending on the following August 31.

(11) “Procure grain" means to buy grain or acquire the right to market grain.

(12) “Procure producer grain in this state" means any of the following:

(a) To buy producer grain for receipt in this state.

(b) To acquire the right to market producer grain grown in this state.

(13) “Producer agent" means a person who acts on behalf of a grain producer to market or accept payment for the grain producer's grain without taking title to that grain, including a person who uses a producer trust fund to market or accept payment for producer grain. “Producer agent" does not include any of the following:

(a) A person who merely brokers a contract between a grain producer and a grain dealer, without becoming a party to the contract, taking control of grain, or accepting payment on behalf of the grain producer.

(b) A person who merely holds or transports grain for a grain producer without marketing the grain or accepting payment on behalf of the grain producer.

(14) “Producer grain" means grain that is owned by or held in trust for one or more grain producers. “Producer grain" includes grain that a producer agent markets for a grain producer, without taking title to the grain.

History: 2001 a. 16.