Title 34 Property, Conveyances and Security Transactions

34-21-1101. Definitions.

(a) As used in this act: (i) "Buyer in the ordinary course of business" means a person who, in the ordinary course of business, buys farm products from a person engaged in farming operations who is in the business of selling farm products; (ii) "Central filing system" means the system for filing effective financing statements or notice of those financing statements established under this act in response to section 1324 of the Food Security Act of 1985, Public Law 99-198, 7 U.S.C. § 1631 (Supp. 1988); (iii) "Commission merchant" means any person engaged in the business of receiving any farm product for sale, on commission or for or on behalf of another person; (iv) "Debtor" means the person subjecting a farm product to a security interest; (v) "Effective financing statement" means a statement that: (A) Is signed, authorized or otherwise authenticated by the secured party; (B) Is filed by the secured party in the office of the secretary of state; (C) Is signed, authorized or otherwise authenticated by the debtor; (D) Contains: (I) The name and address of the secured party; (II) The name and address of the debtor; (III) An approved unique identification number of the debtor; (IV) A description of the farm products subject to the security interest created by the debtor, including the amount of such products where applicable; (V) Each county in this state where the debtor's farm product is used or produced or to be used or produced; (VI) Crop year, unless every crop of the farm product in question is to be subject to the particular security interest for the duration of the effective financing statement; (VII) Further details of the farm product subject to the security interest if needed to distinguish it from other quantities of the product owned by the same person but not subject to the particular security interest; and (VIII) Other information that the secretary of state may require to comply with section 1324 of the Food Security Act of 1985, Public Law 99-198, 7 U.S.C. § 1631 (Supp. 1988), or to more efficiently carry out his duties under this act. (E) Shall be amended and filed, within three (3) months to reflect material changes; (F) Remains effective for a period of five (5) years from the date of filing, subject to extensions for additional periods of five (5) years each by refiling or filing a continuation statement within six (6) months before the expiration of the five (5) year period; (G) Lapses on either the expiration of the effective period of the statement or the filing of a notice signed, authorized or otherwise authenticated by the secured party that the statement is terminated, whichever occurs first; (H) Is accompanied by the filing fee required under this act; and (J) Substantially complies with the requirements of this paragraph even though it contains minor errors that are not seriously misleading. An effective financing statement may, for any given debtor or debtors, cover more than one (1) farm product located in more than one (1) county. However, should more than ten (10) products, counties or combinations thereof be listed, an additional fee shall be charged. (vi) "Farm product" means an agricultural commodity, such as wheat, corn, soybeans or a species of livestock such as cattle, hogs, sheep, horses or poultry used or produced in farming operations, or a product of such crop or livestock in its unmanufactured state, such as woolclip, milk or eggs that is in the possession of a person engaged in farming operations; (vii) "Knows" or "knowledge" means actual knowledge; (viii) "Receipt of notice" of an existing security interest means, for purposes of section 1324 of the Food Security Act of 1985, Public Law 99-198, 7 U.S.C. § 1631 (Supp. 1988), and for purposes of this act, the earlier of: (A) The date notice is actually received by a buyer in the ordinary course of business; (B) The first day upon which delivery of the notice is attempted by a carrier; or (C) Five (5) days after the notice is mailed. (ix) "Registrant" means any buyer of farm products, commission merchant, selling agent or other person who registers with the secretary of state to receive the master list; (x) "Security interest" means an interest in farm products that secures payment or performance of an obligation; (xi) "Selling agent" means any person, other than a commission merchant, who is engaged in the business of negotiating the sale and purchase of any farm product on behalf of a person engaged in farming operations; (xii) "This act" means W.S. 34-21-1101 through 34-21-1107.