Vermont Statutes Title 9. Commerce and Trade, § 2381. Definitions

(1) “Agricultural finance lease” or “lease” means a lease of property to a farmer under which:

(2) “Commissioner” means the Commissioner of Financial Regulation.

(3) “Fair market value” means the price the leased property would be sold for in a transaction between willing and informed parties in an arms-length transaction.

(4) “Farmer” means any person engaged in farming.

(5) “Farming” means those activities described in 10 V.S.A. § 6001(22).

(6) “Leased property” or “property” means personal property leased by a lessor to a farmer lessee for use in farming, including goods, livestock, equipment and machinery, bulk milk tanks, silos, manure storage systems, tools, fixtures that were personal property at the time the lease was entered into, and accessories. The term also includes the cost of installation, if any.

(7) “Lessee” means a person who acquires the right to possession and use of leased property under an agricultural finance lease.

(8) “Lessor” means a person who transfers the right to possession and use of leased property under an agricultural finance lease, and agents, successors, and assigns of the lessor. The term also includes a person who is the manufacturer, seller, supplier, or dealer of the leased property if the lessor is wholly owned as a subsidiary corporation by, or wholly owns as a subsidiary corporation, such a person, or if there is common ownership or management in any other form between the lessor and that person.