§ 20-59-601 - Definitions. - Arkansas Statutes

20-59-601. Definitions.

As used in this subchapter, unless the context otherwise requires:

(1) "Cooperative association" means any group in which farmers act together in the market preparation, processing, or marketing of farm products or any association organized under 2-2-101 et seq., 2-2-401 et seq., or 4-30-101 et seq.;

(2) "Dairy farmer" means a farmer engaged in the business of producing milk for sale to milk processors or to a cooperative association of which the dairy farmer is a member;

(3) "Escrow account agent" means an entity within this state which is insured either by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation;

(4) "Milk processor" means a person who operates a milk, milk products, or frozen desserts processing plant that is located in the State of Arkansas; and

(5) "Purchase price" means an amount of money, based on estimated butterfat content at the time of delivery, that a milk processor agrees to pay a dairy farmer for a purchase of raw milk.