54-13-1 Definition of terms.
Definition of terms.
Terms used in this chapter mean:
"Agricultural land," a parcel of land larger than forty acres not located in any municipality
and used in farming or ranching operations carried on by the owner or operator within the
preceding three- year period for the production of farm products as defined in subdivision
57A-9-102(a)(34) and includes wasteland lying within or contiguous to and in common
ownership with land used in farming or ranching operations for the production of farming
or ranching products;
"Ag finance counselor," a person contracted by the Department of Agriculture mediation
program who is trained to assist in resolving agricultural loan disputes;
"Agricultural property," agricultural land or personal property or a combination thereof
used in the pursuit of, or arising out of, or related to, the occupation of farming or
"Borrower," an individual, corporation, trust, cooperative, joint venture, or any other
entity entitled to contract who is engaged in farming or ranching and who derives more
than sixty percent of total gross income from farming or ranching and who has borrowed
from any one creditor on any single farm related debt in excess of fifty thousand dollars;
"Creditor," any individual, organization, cooperative, partnership, trust, or state or
federally chartered corporation to whom is owed debt in excess of fifty thousand dollars
by a borrower. A judgment creditor with a judgment of fifty thousand dollars or more
against a debtor with agricultural property is a creditor within the meaning of this chapter;
"Federal land mediation," assistance provided to individuals or organizations seeking to
mediate disputes with federal land management agencies;
"Mediation," a process by which creditors and borrowers present, discuss, and explore
practical and realistic alternatives to the resolution of a borrower's debts;
"Mediator," anyone responsible for and engaged in the performance of mediation pursuant
to this chapter, who is trained and certified by the Department of Agriculture; and
"Oil and gas mediation," assistance provided to individuals or organizations seeking to
mediate disputes with oil and gas developers related to surface damages.
SL 1988, ch 384, § 1; SL 2001, ch 259; § 1; SL 2013, ch 241, § 1.