As used in this article: (1) 'Agricultural commodity' or 'commodity' means cotton and all agricultural products commonly classed as grain, including corn, wheat, oats, soybeans, barley, and grain sorghum, produced within this State. (2) 'Agricultural commodity dealer' or 'commodity dealer' means any person in this State engaged in buying, receiving, selling, exchanging, negotiating, processing for resale, or soliciting the sale, resale, exchange, or transfer of grain or cotton purchased from a producer or his agent or representative or received to be handled on a net return basis from the producer. An agricultural commodity dealer shall include cotton gins if the gin is engaged in the above-described activity. (3) 'Department' means the South Carolina Department of Agriculture. (4) 'Fair market value' means the value based on the average market price being paid to producers on a specified date by the three licensed grain or cotton dealers nearest the grain or cotton dealer involved in the loss. (5) 'Grain' means any feed grains or oil seeds, except cotton seeds. (6) 'Loss' means any monetary loss over and beyond the amount protected by the dealer's bond as a result of doing ved in the loss. (5) 'Grain' means any feed grains or oil seeds, except cotton seeds. (6) 'Loss' means any monetary loss over and beyond the amount protected by the dealer's bond as a result of doing business with a dealer which includes, but is not limited to, bankruptcy, embezzlement, or fraud. (7) 'Producer' means any producer of grain or cotton. (8) 'Date of loss' means the date the commodity dealer filed a petition for bankruptcy; or, if bankruptcy is not declared, the date a check was returned for insufficient funds, or the date otherwise determined by the department. HISTORY: 1981 Act No. 156 Section 28; 1988 Act No. 435, eff April 5, 1988; 2022 Act No. 181 (S.1117), Section 1, eff May 16, 2022.
South Carolina Legal Code