Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part XXXVII - Security Devices › Chapter 1 - Central Registry › Section XXXVII-101 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
Buyer in the Ordinary Course of Business
-a
				  person who, in the ordinary course of business, buys farm products from a
				  person engaged in farming operations who is in the business of selling farm
				  products.
Central Registry
-the place for recordation
				  of all effective financing statements and written security devices which
				  establish a security interest in farm products, and the place for recordation
				  of assignments, amendments, extensions, and cancellations thereof.
Commission Merchant
-any person engaged in
				  the business of receiving any farm product for sale, on commission, or for or
				  on behalf of another person.
Commissioner
-the Louisiana Commissioner of
				  Agriculture and Forestry, or his duly authorized agent.
Creditor
-any person who holds a security
				  interest in a farm product.
Crop Year
-
1. for a crop grown in soil, the calendar year in which it is
				  harvested or to be harvested;
2. for animals, the calendar year in which they are born or
				  acquired; or
3. for poultry or eggs, the calendar year in which they are
				  sold or to be sold.
Cumulative Addendum
-a document listing all
				  filings with the Central Registry as of the date of issuance that are not
				  listed on the most recent master list.
Debtor
-any person who owns or has an
				  ownership interest in farm products which are subject to a security interest of
				  creditors.
Department
-the Louisiana Department of
				  Agriculture and Forestry.
Effective Financing Statement (EFS)
-a
				  written instrument which is an abstract of a security device and which complies
				  with the provisions of
				  R.S.
				  3:3654(E).
Encumbrance Certificate
-a written document
				  signed by the commissioner which lists all security devices affecting a person
				  which has been filed with the Central Registry on the date and at the time the
				  certificate is issued and which complies with the provision of
				  R.S.
				  3:3654(F).
Farm Product
-an agriculture commodity such
				  as wheat, corn, soybeans or a species of livestock, such as cattle, hogs,
				  sheep, horses or poultry, used or produced in farming operations or a product
				  of such crop or livestock in its unmanufactured state, such as ginned cotton,
				  wool-clip, maple syrup, milk and eggs, that is in the possession of a person
				  engaged in farming operations.
Farm Product Encumbrance List (Master
				  List)
-a document listing all effective financing statements,
				  amendments, assignments and extensions of effective financing statements
				  which:
1. is organized according to farm product; and
2. is arranged within each such product in alphabetical order
				  according to the last name of the individual debtors, or, in the case of
				  debtors doing business other than as individuals, the first word in the name of
				  such debtors; in numerical order according to the Social Security number of the
				  individual debtors, or, in the case of debtors doing business other than as
				  individuals, the Internal Revenue Service taxpayer identification number of
				  such debtors; geographically by parish; and by crop year.
Filing
-the receipt of any EFS, amendment,
				  assignment, extension or cancellation of an EFS with any other security devices
				  accompanied by a related EFS by the Central Registry stamped with the date and
				  time received and assigned a file number.
Knows
or
Knowledge
-actual
				  knowledge.
Person
-any individual, partnership,
				  corporation, trust or any other business entity.
Registrant
-any person who has made
				  application with the Central Registry, has paid the required registration fee
				  and received written notice that his application has been accepted.
Regular Business Day
-any day that the
				  department is open for routine business.
Secured Party
-a creditor with a security
				  interest in farm products.
Security Device
-a written instrument that
				  establishes a creditor's security interest in farm products of any pledge or
				  privilege described in
				  R.S.
				  9:4521, whether or not evidenced by a written
				  instrument.
Security Interest
-an interest in or
				  encumbrance upon farm products that secures payment or performance or an
				  obligation.
Selling Agent
-any person, other than a
				  commission merchant, who is engaged in the business of negotiating the sale and
				  purchase of any farm product on behalf of a person engaged in farm
				  operations.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  3:3652,
				  R.S.
				  3:3654 and Public Law 99-198 (Food Security
				  Act of 1985).