240 ILCS 40/1-10
2021 Illinois Compiled Statutes|Chapter 240 - WAREHOUSES|240 ILCS 40/ - Grain Code.|Article 1 - General

Sec. 1-10. Definitions. As used in this Act:"Board" means the governing body of the Illinois Grain Insurance  Corporation."Certificate" means a document, other than the license, issued by  the Department that certifies that a grain dealer's license has  been issued and is in effect."Claimant" means:(a) a person, including, without limitation, a lender:(1) who possesses warehouse receipts issued from an     Illinois location covering grain owned or stored by a failed warehouseman; or(2) who has other written evidence of a storage     obligation of a failed warehouseman issued from an Illinois location in favor of the holder, including, but not limited to, scale tickets, settlement sheets, and ledger cards; or(3) who has loaned money to a warehouseman and was to     receive a warehouse receipt issued from an Illinois location as security for that loan, who surrendered warehouse receipts as part of a grain sale at an Illinois location, or who delivered grain out of storage with the warehouseman as part of a grain sale at an Illinois location; and(i) the grain dealer or warehouseman failed         within 21 days after the loan of money, the surrender of warehouse receipts, or the delivery of grain, as the case may be, and no warehouse receipt was issued or payment in full was not made on the grain sale, as the case may be; or(ii) written notice was given by the person to         the Department within 21 days after the loan of money, the surrender of warehouse receipts, or the delivery of grain, as the case may be, stating that no warehouse receipt was issued or payment in full made on the grain sale, as the case may be; or(b) a producer not included in item (a)(3) in the definition of "Claimant"  who possesses evidence of the sale at an Illinois location of grain delivered  to a failed grain dealer, or its designee in Illinois and who was not paid  in full."Class I warehouseman" means a warehouseman who is authorized to  issue negotiable and non-negotiable warehouse receipts."Class II warehouseman" means a warehouseman who is authorized to  issue only non-negotiable warehouse receipts."Code" means this Grain Code."Collateral" means:(a) irrevocable letters of credit;(b) certificates of deposit;(c) cash or a cash equivalent; or(d) any other property acceptable to the Department to the  extent there exists equity in that property.  For the purposes of  this item (d), "equity" is the amount by which the fair  market value of the property exceeds the amount owed to a creditor who  has a valid, prior, perfected security interest in or other valid, prior,  perfected lien on  the property."Corporation" means the Illinois Grain Insurance Corporation."Daily position record" means a grain inventory accountability  record maintained on a daily basis that includes an accurate  reflection of changes in grain inventory, storage obligations,  company-owned inventory by commodity, and other information  that is required by the Department."Daily grain transaction report" means a record of the daily  transactions of a grain dealer showing the amount of all grain  received and shipped during each day and the amount on hand at the  end of each day."Date of delivery of grain" means:(a) the date grain is delivered to a grain dealer, or its designee in  Illinois, for  the  purpose of sale;(b) the date grain is delivered to a warehouseman, or its designee in  Illinois, for  the  purpose of storage; or(c) in reference to grain in storage with a warehouseman,  the date a warehouse receipt representing stored grain is delivered  to the issuer of the warehouse receipt for the purpose of selling the stored  grain  or, if no warehouse receipt was issued:(1) the date the purchase price for stored grain is     established; or(2) if sold by price later contract, the date of the     price later contract."Department" means the Illinois Department of Agriculture."Depositor" means a person who has evidence of a storage  obligation from a warehouseman."Director", unless otherwise provided, means the Illinois Director of  Agriculture, or the Director's designee."Electronic document" means a document that is generated, sent, received,  or stored by electrical, digital, magnetic, optical electromagnetic, or any  other similar means, including, but not limited to, electronic data  interchange, electronic mail,  telegram, telex, or telecopy."Electronic warehouse receipt" means a warehouse receipt that is issued or  transmitted in the form of an electronic document."Emergency storage" means space measured in bushels and used for a  period of time not to exceed 3 months for storage of grain  as a consequence of an emergency situation."Equity assets" means:(a) The equity in any property of the  licensee or failed  licensee, other than grain assets.  For purposes of this item (a):(1) "equity" is the amount by which the fair market     value of the property exceeds the amount owed to a creditor who has a valid security interest in or other valid lien on the property that was perfected before the date of failure of the licensee;(2) a creditor is not deemed to have a valid security     interest or other valid lien on property if (i) the property can be directly traced as being from the sale of grain by the licensee or failed licensee; (ii) the security interest was taken as additional collateral on account of an antecedent debt owed to the creditor; and (iii) the security interest or other lien was perfected (A) on or within 90 days before the date of failure of the licensee or (B) when the creditor is a related person, within one year of the date of failure of the licensee."Failure" means, in reference to a licensee:(a) a  formal declaration of insolvency;(b) a revocation of a license;(c) a failure to apply for license renewal, leaving  indebtedness to claimants;(d) a denial of license renewal, leaving indebtedness to  claimants; or(e) a voluntary surrender of a license, leaving  indebtedness to claimants."Federal warehouseman" means a warehouseman licensed  by the United States government under the United  States Warehouse Act (7 U.S.C. 241 et seq.)."Fund" means the Illinois Grain Insurance Fund."Grain" means corn, soybeans, wheat, oats, rye, barley, grain  sorghum, canola, buckwheat, flaxseed, edible soybeans, and  other like agricultural commodities that may be  designated by rule."Grain assets" means:(a) all grain owned and all grain stored by a licensee or  failed licensee, wherever located, including redeposited grain of a licensee  or failed licensee;(b) (blank);(c) identifiable proceeds, including, but not limited to, insurance  proceeds,  received by or due to a licensee or failed licensee resulting  from the sale, exchange,  destruction, loss, or theft of grain, or other disposition of grain by the  licensee or failed licensee; or(d) assets in hedging or speculative margin accounts held by  commodity or security exchanges on behalf of a licensee or failed  licensee and any moneys due or to become due to a licensee or  failed licensee, less any secured financing directly associated with those  assets or moneys, from any transactions on those exchanges.For purposes of this Act, storage charges, drying charges, price later  contract service charges, and other grain service charges received by or due to  a licensee or failed licensee shall not be deemed to be grain assets, nor shall  such charges be deemed to be proceeds from the sale or other disposition of  grain by a licensee or a failed licensee, or to have been directly or  indirectly traceable from, to have resulted from, or to have been derived in  whole  or in part from, or otherwise related to, the sale or other disposition of  grain by the licensee or failed licensee."Grain dealer" means a person who is licensed by the Department to  engage in the business of buying grain from producers."Grain Indemnity Trust Account" means a trust account established by  the Director under Section 205-410 of the Department of  Agriculture Law