As used in this chapter:
(1) "Department" means the South Carolina Department of Agriculture.
(2) "Fair market value" means the value based on the average market price being paid to grain dealers by grain processors on a specified date.
(3) "Grain" means any feed grains or oil seeds, except cottonseeds, sold by South Carolina grain dealers.
(4) "Debtor" means the Southern Soya Corporation now in bankruptcy. Bankruptcy for this purpose includes a Chapter 7 liquidation or a Chapter 11 reorganization.
(5) "Loss" means any monetary loss of a debtor over and beyond the amount protected by the debtor's bond and over and beyond the amount, if any, previously received for the monetary loss from the South Carolina Grain Producers Guaranty Fund or the Warehouse Receipts Guaranty Fund as a result of doing business with the debtor.
(6) "Date of loss" means the date the debtor filed its petition for bankruptcy.
(7) "Grain dealer" means any resident licensed by this State engaged in selling grain received from the producer or the producer's agent.
HISTORY: 2000 Act No. 381, Part I, Section 1, eff June 14, 2000.
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