Okla. Stat. tit. 2 § 9-21

Current through Laws 2024, c. 453.

Section 9-21 - Definitions

As used in the Public Warehouse and Commodity Indemnity Act:

1. "Charter" means a franchise issued to a person for the operation of a public warehouse;

2. "Commodities" means nonperishable grains or seeds;

3. "Depositor" means any person storing commodities with a state-chartered or federally licensed warehouse;

4. "Electronic document" means a document that is generated, sent, received, or stored by electronic data interchange, electronic mail, telegram, telex, or telecopy;

5. "Electronic receipt" means a receipt that is authorized by the State Board of Agriculture to be issued under this act in the form of an electronic document;

6. "Full market value" means the value required by law to be used by insurance underwriters in paying for losses of commodities insured for their actual cash value;

7. "Indemnity" means the Oklahoma Commodity Storage Indemnity Fund;

8. "Loss" means any monetary reduction in value to a producer of an extraordinary nature and which shall include, but not be limited to, bankruptcy, embezzlement, theft or fraud;

9. "Producer" means any person planting, raising, growing, or harvesting commodities;

10. "Public warehouse" means any place where commodities are received for storage, received for transfer to other public warehouses, or both;

11. "Storage" or "warehousing" means any method of holding commodities by a party other than the direct owner except for transportation;

12. "Warehouseman" means any person operating a public warehouse; and

13. "Warehouse receipt" means every receipt issued by a warehouseman for commodities pursuant to the Public Warehouse and Commodity Indemnity Act.

Okla. Stat. tit. 2, § 9-21

Amended by Laws 1987, HB 1429, c. 125, § 2, emerg. eff. 6/2/1987; Amended by Laws 1988, HB 1685, c. 149, § 1, emerg. eff. 5/2/1988; Amended by Laws 1990, SB 233, c. 155, § 1, emerg. eff. 5/1/1990; Amended by Laws 1997, HB 1156, c. 10, § 1, emerg. eff. 3/31/1997; Amended by Laws 2000, SB 1402, c. 243, §84, emerg. eff. 5/24/2000; Amended by Laws 2001, SB 384, c. 119, §1, eff. 11/1/2001.