Arkansas Code Title 2. Agriculture § 2-15-302. Definitions

(1) “Affiliate” means a person that:

(2) “Agreement to sell” means an enforceable oral or written agreement by which a grain, soybean, or peanut owner, either directly or through a sales agent, agrees to sell grain, soybeans, or peanuts to a first purchaser;

(3) “Control” or “controlled by” means the direct or indirect possession of the power to direct or cause the direction of the management and policies of a person through ownership, by contract, or otherwise;

(4) “First purchaser” means the first person that purchases grain, soybeans, or peanuts, either directly or indirectly through a sales agent, under an agreement to sell;

(5) “Grain, soybean, or peanut owner” means a person owning an interest in grain, soybeans, or peanuts before the acquisition of the grain, soybeans, or peanuts by a first purchaser;

(6) “Owner's lender” means a person that has a valid mortgage lien or security interest in a grain, soybean, or peanut owner's grain, soybeans, or peanuts at the time the grain, soybeans, or peanuts are delivered to the first purchaser;

(7) “Owner's lien” means a lien granted under this subchapter;

(9) “Person” means an individual or business entity, including without limitation an executor, administrator, estate, agent, trust, trustee, institution, receiver, business trust, firm, corporation, partnership, limited liability company, cooperative, joint venture, governmental entity or agency, association, and any other legal entity;

(10) “Proceeds” means:

(11) “Purchaser” means a person that:

(12) “Sales agent” means a person that is authorized to sell grain, soybeans, or peanuts on behalf of or for the benefit of another person; and

(13) “Sales price” means the amount a first purchaser agrees to pay a grain, soybean, or peanut owner or a sales agent under an agreement to sell.