20 ILCS 205/205-410
2021 Illinois Compiled Statutes|Chapter 240 - WAREHOUSES|240 ILCS 40/ - Grain Code.|Article 1 - General

 that is used for the receipt and  disbursement of  moneys paid from the Fund and proceeds from the liquidation of and  collection upon grain assets, equity assets, collateral, and  guarantees of or relating to failed licensees.  The Grain Indemnity  Trust Account shall be used to pay valid claims, authorized refunds  from the Fund, and expenses incurred in preserving, liquidating, and  collecting upon grain assets, equity assets, collateral, and  guarantees relating to failed licensees."Guarantor" means a person who assumes all or part of the  obligations of a licensee to claimants."Guarantee" means a document executed by a guarantor by which the  guarantor assumes all or part of the obligations of a licensee  to claimants."Incidental grain dealer" means a grain dealer who purchases  grain  only in connection with a feed milling operation and whose total  purchases of grain from producers during the grain dealer's fiscal  year do not exceed $100,000."Licensed storage capacity" means the maximum grain storage capacity  measured in bushels approved by the applicable licensing agency for  use by a warehouseman."Licensee" means a grain dealer or warehouseman who is licensed by  the Department and a federal warehouseman that is a participant  in the Fund, under subsection (c) of Section 30-10."Official grain standards" means the official grade designations as  adopted by the United States Department of Agriculture under  the United States Grain Standards Act and regulations adopted under that Act (7  U.S.C. 71 et seq. and 7 CFR 810.201 et seq.)."Permanent storage capacity" means the capacity of permanent structures  available for storage of grain on a regular and continuous basis,  measured in bushels."Person" means any individual or entity, including, but not  limited to, a sole proprietorship, a partnership, a corporation,  a cooperative, an association, a limited liability company, an estate,  a trust, or a governmental agency."Price later contract" means a contract, in written or electronic form, for the sale of  grain whereby any part of the purchase price may be established by  the seller after delivery of the grain to a grain dealer  according to a pricing formula contained in the contract.  Title to  the grain passes to the grain dealer at the time of delivery.  The  precise form  and the general terms and conditions  of the contract  shall be established by rule."Producer" means the owner, tenant, or operator of land who has an  interest in and receives all or part of the proceeds from the  sale of the grain produced on the land."Producer protection holding corporation" means a holding  corporation to receive, hold title to, and liquidate assets of or  relating to a failed licensee, including assets in reference to  collateral or guarantees relating to a failed licensee."Regulatory Fund" means the fund created under Article 35."Related persons" means affiliates of a licensee, key persons  of a licensee, owners of a licensee, and persons who have  control over a licensee.  For the purposes of this definition:(a) "Affiliate" means a person who has direct or     indirect control of a licensee, is controlled by a licensee, or is under common control with a licensee.(b) "Key person" means an officer, a director, a     trustee, a partner, a proprietor, a manager, a managing agent, or the spouse of a licensee.  An officer or a director of an entity organized or operating as a cooperative, however, shall not be considered to be a "key person".(c) "Owner" means the holder of: over 10% of the     total combined voting power of a corporation or over 10% of the total value of shares of all classes of stock of a corporation; over a 10% interest in a partnership; over 10% of the value of a trust computed actuarially; or over 10% of the legal or beneficial interest in any other business, association, endeavor, or entity that is a licensee.  For purposes of computing these percentages, a holder is deemed to own stock or other interests in a business entity whether the ownership is direct or indirect.(d) "Control" means the power to exercise authority     over or direct the management or policies of a business entity.(e) "Indirect" means an interest in a business held     by the holder not through the holder's actual holdings in the business, but through the holder's holdings in another business or other businesses.(f) Notwithstanding any other provision of this Act,     the term "related person" does not include a lender, secured party, or other lien holder solely by reason of the existence of the loan, security interest, or lien, or solely by reason of the lender, secured party, or other lien holder having or exercising any right or remedy provided by law or by agreement with a licensee or a failed licensee."Reserve Fund" means a separate and discrete fund of up to $2,000,000 held  by the Corporation as set forth in Section 30-25."Successor agreement" means an agreement by which a licensee succeeds to  the grain obligations of a former licensee."Temporary storage space" means space measured in bushels and used  for 6 months or less for storage of grain  on a temporary basis due to a need for additional storage in excess  of permanent storage capacity."Trust account" means the Grain Indemnity Trust Account."Valid claim" means a request for payment under the provisions of this  Code, submitted by a claimant, the amount  and category of which have been determined by the Department, to the extent  that determination is not subject to further administrative review  or appeal.  Each grain sale transaction and each storage obligation shall be considered a  separate and discrete request for payment even though one or more requests are  contained on one claim form or are filed with the Department in one document."Warehouse" means a building, structure, or enclosure in which grain  is stored for the public for compensation, whether grain of  different owners is commingled or whether identity of  different lots of grain is preserved."Warehouse receipt" means a receipt for the storage of grain issued  by a warehouseman."Warehouseman" means a person who is licensed:(a) by the Department to engage in the business of     storing grain for compensation; or(b) under the United States Warehouse Act but     participates in the Fund under subsection (c) of Section 30-10. (Source: P.A. 96-464, eff. 8-14-09.)