LAC 7:XXVII.193. Definitions

A. The following words and terms are defined for purposes of this Subchapter and supplement the words and terms defined in §101 of this Part. Claimant—a producer, as defined in §101 of this Part. Fund—the Grain and Cotton Indemnity Fund. Insolvency—the inability of a licensee to meet debts or discharge liabilities. Licensee—for purposes of this Subchapter only, a Licensee is a cotton merchant as defined in R.S. 3:3402(6) or a grain dealer as defined in R.S. 3:3402(10). Value of Commodity—the quoted price plus or minus premiums or discounts such as moisture and quality factors.