Vermont § 2381 - Definitions As used in this chapter:

§ 2381. Definitions As used in this chapter:

• (1) “Agricultural finance lease” or “lease” means a lease of property to a farmer under
  which: (A) the lease transfers ownership of the leased property to the lessee by the end of the
  lease term; (B) the lease contains an option for the lessee to purchase the leased property at the
  end of the lease term; (C) the lease term is equal to or greater than 75 percent of the estimated economic life
  of the leased property; or (D) when the lease is executed, the present value of the rental and other minimum lease
  payments equals or exceeds 90 percent of the fair market value of the leased property
  less any investment tax credit retained by the lessor. (2) “Commissioner” means the Commissioner of Financial Regulation. (3) “Fair market value” means the price the leased property would be sold for in a transaction
  between willing and informed parties in an arms-length transaction. (4) “Farmer” means any person engaged in farming. (5) “Farming” means those activities described in 10 V.S.A. § 6001(22). (6) “Leased property” or “property” means personal property leased by a lessor to a farmer
  lessee for use in farming, including goods, livestock, equipment and machinery, bulk
  milk tanks, silos, manure storage systems, tools, fixtures that were personal property
  at the time the lease was entered into, and accessories