Mississippi § 57-10-303 - Definitions.

§ 57-10-303. Definitions.

For the purposes of this article, the following words shall have the meanings ascribed herein, unless the context otherwise requires: “Act” means the Mississippi Business Financing Act being Title 57, Chapter 10, Article 7, Mississippi Code of 1972. “Agricultural land” means land suitable for use in farming. “Agricultural improvements” means any improvements, buildings, structures or fixtures suitable for use in farming which are located on agricultural land. “Agricultural improvements” includes a single-family dwelling located on agricultural land which is or will be occupied by the beginning farmer and structures attached to or incidental to the use of the dwelling. “Corporation” means the Mississippi Business Finance Corporation. “Beginning farmer” means an individual or partnership with a low or moderate net worth that engages in farming or wishes to engage in farming. “Bonds” means bonds issued by the corporation pursuant to the provisions of the Mississippi Business Financing Act. “Depreciable agricultural property” means personal property suitable for use in farming for which an income tax deduction for depreciation is allowable in computing federal income tax under the Internal Revenue Code of 1986, as amended. “Farming” means the cultivation of land for the production of agricultural crops, the raising of poultry, the production of eggs, the production of milk, the production of fruit or other horticultural crops, grazing, the production of livestock, aquaculture, hydroponics, the production of forest products or other activities designated by the corporation. “Mortgage” means a mortgage, mortgage deed, deed of trust, or other instrument creating a first lien, subject only to title exceptions and encumbrances acceptable to the corporation, including any other mortgage liens of equal standing with or subordinate to the mortgage loan retained by a seller or conveyed to a mortgage lender, on a fee interest in agricultural land and agricultural improvements. “Mortgage lender” means a bank, trust company, mortgage company, national banking association, savings and loan association, life insurance company, any state or federal governmental agency or instrumentality, including without limitation the Federal Land Bank or any of its local associations, or any other financial institution or entity authorized to make mortgage loans or secured loans in this state. “Mortgage loan” means a financial obligation secured by a mortgage. “Note” means a bond anticipation note or other obligation or evidence of indebtedness issued by the corporation pursuant to this article. “Secured loan” means a financial obligation secured by a chattel mortgage, security agreement or other instrument creating a lien on an interest in depreciable agricultural property. “State agency” means any board, commission, department, public officer or other agency or authority of the State of Mississippi.