Section 6-09.8-01 - DefinitionsAs used in this chapter, unless the context or subject matter requires otherwise:
1. "Beginning farmer" means an individual who qualifies as a beginning farmer who: a. Is a resident of this state;b. Receives more than half of that person's gross annual income from farming, unless the person initially commences farming during the year of the application under this chapter;c. Intends to use any farmland to be purchased or rented for agricultural purposes;d. Is adequately trained by education in the type of farming operation which the person wishes to begin on the purchased or rented land referred to in subdivision c through satisfactory participation in the adult farm management education program of the state board for career and technical education or an equivalent program approved by the agriculture commissioner; ande. Has, including the net worth of any dependents and spouse, a net worth of less than one hundred thousand dollars, not including the value of their equity in their principal residence, the value of one personal or family motor vehicle, and the value of their household goods, including furniture, appliances, musical instruments, clothing, and other personal belongings.2. "Lender" means any lending institution which is regulated or funded under the laws of this state or the United States and which has provided financing to a beginning farmer for the purchase of qualified agricultural property.3. "Loan guarantee" means an agreement that in the event of default by a beginning farmer under a contract for deed, a note and mortgage, or other loan or financing agreement, the Bank shall pay the seller or lender ninety percent of the amount of principal due the seller or lender on a real estate transaction and up to fifty percent of the amount of principal due the seller or lender on a personal property loan at the time the claim is approved from the loan guarantee fund.4. "Qualified agricultural property" means real estate or depreciable personal property used in the production of agricultural products. Depreciable personal property means personal property that may be depreciated under generally accepted accounting principles and is designed for use in more than one production year.5. "Seller" means any person, association, partnership, corporation, or limited liability company which has provided financing to a beginning farmer for the purchase of qualified agricultural property or which has entered into a contract for deed with a beginning farmer for the sale and purchase of agricultural real estate.