The term "first purchaser" refers to any individual or entity that buys soybeans directly from a producer. This definition includes two specific scenarios:
This term is primarily used in agricultural law, particularly in the context of soybean production and marketing. It is relevant for understanding the roles and responsibilities of buyers and sellers in agricultural transactions. Users may encounter this term when dealing with contracts, loan agreements, or government programs related to soybean production. Legal templates from US Legal Forms can assist users in managing these situations effectively.
Here are a couple of examples of abatement:
Example 1: A farmer sells a truckload of soybeans to a local grain elevator. The grain elevator is the first purchaser in this transaction.
Example 2: A soybean producer pledges their crop as collateral for a loan from the Commodity Credit Corporation. In this case, the Corporation acts as the first purchaser.
The definition of "first purchaser" is outlined in 7 USCS § 6302, which pertains to the Soybean Promotion, Research, and Consumer Information Act. This statute governs the marketing and promotion of soybeans in the United States.
| Term | Definition | Difference |
|---|---|---|
| Producer | A person or entity that grows or cultivates soybeans. | The first purchaser buys from the producer, making them distinct roles in the supply chain. |
| Commodity Credit Corporation | A government agency that provides financial assistance to farmers. | This agency can act as a first purchaser under specific loan conditions, unlike typical buyers. |
If you are involved in buying or selling soybeans, it is important to understand your role as a first purchaser. Ensure that all transactions are documented properly. If you need assistance with contracts or legal forms, consider exploring the templates available at US Legal Forms. For complex situations, consulting a legal professional is advisable.
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| Attribute | Details |
|---|---|
| Definition | Buyer of soybeans from a producer. |
| Key Statute | 7 USCS § 6302 |
| Involvement of Government | Commodity Credit Corporation may be a first purchaser in loan scenarios. |
It refers to anyone who buys soybeans directly from a producer, including individuals and organizations.