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Texas Property Code - PROP § 70.401. Definitions

Current as of January 01, 2024 | Updated by Findlaw Staff

In this subchapter:

(1) “Agricultural crop” means a plant product that is grown, produced, or harvested as a result of an agricultural producer's farm operation.

(2) “Agricultural producer” means a person who is engaged in the business of growing, producing, or harvesting an agricultural crop.

(3) “Buyer in ordinary course of business” has the meaning assigned by Section 1.201, Business & Commerce Code.

(4) “Company-owned crop” means an agricultural crop:

(A) that is in the possession of a warehouse or contract purchaser located in this state and for which the agricultural producer has received full payment;

(B) that is not an open storage crop;  or

(C) for which the warehouse or the contract purchaser tenders payment and the agricultural producer, without coercion, defers payment.

(5) “Contract purchaser” means a person who has agreed under a contract to purchase an agricultural crop or otherwise pay the agricultural producer for growing, producing, or harvesting the agricultural crop.  The term includes a person who, as to the transaction in question, is licensed and bonded under Chapter 14, Agriculture Code, or the United States Warehouse Act (7 U.S.C. Section 241 et seq.).

(6) “Open storage crop” means an agricultural crop that:

(A) an agricultural producer delivers or transfers to:

(i) a warehouse for storage;  or

(ii) a contract purchaser located in this state;

(B) is not covered by a warehouse receipt;  and

(C) is not owned by the lessee, owner, or operator of the warehouse in which the crop is stored or the contract purchaser to which the crop is delivered or transferred.

(7) “Secured lender” means a person that:

(A) has loaned money to a warehouse or a contract purchaser;  and

(B) holds a perfected secured lien against a company-owned crop.

(8) “Warehouse” means a facility that stores or handles any agricultural crop after the crop is harvested, including a facility operated by a person who, as to the transaction in question, is licensed and bonded under Chapter 14, Agriculture Code, or the United States Warehouse Act (7 U.S.C. Section 241 et seq.).  The term includes a person engaged in the business of operating a warehouse.

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Cite this article: FindLaw.com - Texas Property Code - PROP § 70.401. Definitions - last updated January 01, 2024 | https://codes.findlaw.com/tx/property-code/prop-sect-70-401/

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