South Dakota Codified Laws
Chapter 45 - Grain Buyers
Section 49-45-1.1 - Definitions.

49-45-1.1. Definitions.
Terms used in this chapter mean:
(1)"Commission," the Public Utilities Commission;
(2)"Grain," grain, grain sorghums, beans, pulse crops, and oil seeds. The term does not include grain that has been cleaned, processed, and specifically identified for an intended use of planting for reproduction, grain received for consignment that will be processed by the consignee for an intended use of planting for reproduction, or grain purchased to feed livestock;
(3)"Grain broker," a person who is involved in the negotiation of a grain transaction in this state and:
(a)Is compensated for that involvement by at least one party to the transaction; and
(b)Does not take title to the grain that is subject to the transaction;
(4)"Grain buyer," any person who purchases grain for the purpose of reselling the unprocessed grain or who purchases three hundred thousand dollars' worth or more of grain directly from producers in a calendar year. Nothing in this chapter applies to the isolated resale of grain by a producer who does not hold himself or herself out as engaging in the business of reselling grain;
(5)"Holds himself or herself out," the creation of an assumption or the use of any kind of title, sign, symbol, document, or term indicating or conveying the idea that the person whose name is so connected is competent, qualified, authorized, or entitled to engage in certain activities;
(6)"Person," any natural person, firm, corporation, company, limited liability company, partnership, association, or joint stock company, or the lessee, trustee, or receiver appointed by any court for any one of the foregoing;
(7)"Producer," a person engaged in the business of grain production; and
(8)"Voluntary credit sale," a sale of grain or seeds pursuant to which the sale price is to be paid more than thirty days after the delivery or release of the grain for sale, including those contracts commonly referred to as deferred-payment contracts, deferred-pricing contracts, and price-later contracts

Source: SL 1985, ch 376, §69; SL 1986, ch 397, §9; SL 1994, ch 351, §141; SL 2002, ch 216, §1; SL 2008, ch 251, §2; SL 2009, ch 248, §1; SL 2013, ch 238, §9, eff. Apr. 1, 2013; SL 2017, ch 200, §4; SL 2022, ch 175, §2.

Structure South Dakota Codified Laws