Subdivision 1. Applicability.
The definitions in this section apply to section
Subd. 2. Agricultural chemical.
"Agricultural chemical" has the meaning given in section
18D.01, subdivision 3
Subd. 3. Agricultural production input.
"Agricultural production input" means crop
production inputs and livestock production inputs.
Subd. 4. Crop production input.
"Crop production input" means agricultural chemicals,
seeds, petroleum products, the custom application of agricultural chemicals and seeds, and labor
used in preparing the land for planting, cultivating, growing, producing, harvesting, drying,
and storing crops or crop products.
Subd. 5. Discounted cash price.
"Discounted cash price" means an amount equal to the total
of the payments made over the period of the credit sale, discounted by the interest rate index.
Subd. 6. Feed.
"Feed" means commercial feeds, feed ingredients, mineral feeds, drugs,
animal health products, or customer-formula feeds that are used for feeding livestock, including
commercial feed as defined in section
25.33, subdivision 5
Subd. 7. Interest rate index.
"Interest rate index" means the prime rate as published in the
Wall Street Journal plus two percentage points.
Subd. 8. Livestock production input.
"Livestock production input" means feed and labor
used in raising livestock.
Subd. 9. Petroleum product.
"Petroleum product" means motor fuels and special fuels that
are used in the production of crops and livestock, including petroleum products as defined in
, alcohol fuels, propane, lubes, and oils.
Subd. 10. Seed.
"Seed" means agricultural seeds that are used to produce crops, including
agricultural seeds and grains as defined in section
21.72, subdivision 12
History: 1990 c 474 s 1; 1998 c 299 s 30