Definitions

(1) When used in this chapter, unless the context requires otherwise: (a) Act means the Tennessee Commodity Dealer and Warehouse Law, T.C.A. §43-32-101 et seq. (b) Commissioner means the commissioner of the Tennessee Department of Agriculture, or his designated representative; (c) Department means the Tennessee Department of Agriculture; (d) Commodity means grain; (e) Grain means shelled corn, wheat, oats, rye, soybean, rape seed, canola, and grain sorghums. (f) Commodity dealer means any person engaged in the business of buying commodities from producers thereof for resale or for milling or processing. A producer of commodities buying commodities for his own use as seed or feed shall not be considered as being engaged in the business of buying commodities for resale or for milling or processing; (g) Incidential commodity dealer means any commodities dealer who purchases commodities from and whose total purchases of commodities during any fiscal year do not exceed one hundred thousand dollars ($100,000); (h) Producer means the owner, tenant or operator of land in this state who has an interest in and receives all or any part of the proceeds from the sale of the commodities produced thereon; (i) Persons includes individuals, corporations, partnerships and all associations of two (2) or more persons having a joint or common interest; (j) Class 1 grain dealer means any commodity dealer who purchases commodities from producers and whose total purchases of commodities during any fiscal year exceeds $500,000. COMMODITY DEALER REGULATIONS CHAPTER-0080-5-13 (k) Class 2 grain dealer means any commodity dealer who purchases commodities from producers and whose total purchases of commodities during any fiscal year exceeds $100,000 and does not exceed $500,000. (l) Deferred payment, delayed payment, or price later contract means any delivery of grain that is not paid for within thirty days and the title to the grain passed to the buyer upon delivery.