2012 South Dakota Codified Laws
Title 54 DEBTOR AND CREDITOR
Chapter 13. State Farm Mediation Board
§54-13-1 Definition of terms.

54-13-1. Definition of terms. Terms used in this chapter mean:

(1) "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;

(2) "Ag finance counselor," a person contracted by the Department of Agriculture mediation program who is trained to assist in resolving agricultural loan disputes;

(3) "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 ranching;

(4) "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;

(5) "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;

(6) "Mediation," a process by which creditors and borrowers present, discuss, and explore practical and realistic alternatives to the resolution of a borrower's debts; and

(7) "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.

Source: SL 1988, ch 384, § 1; SL 2001, ch 259; § 1.