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Session Laws, 1999
Volume 796, Page 2037   View pdf image
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(C) IDENTIFYING THE COMPONENTS OF THE OBLIGATIONS IN
REASONABLE DETAIL.

(5) "AGRICULTURAL LIEN" MEANS AN INTEREST, OTHER THAN A
SECURITY INTEREST, IN FARM PRODUCTS:

(A) WHICH SECURES PAYMENT OR PERFORMANCE OF AN
OBLIGATION FOR:

(I) GOODS OR SERVICES FURNISHED IN CONNECTION WITH A
DEBTOR'S FARMING OPERATION; OR

(II) RENT ON REAL PROPERTY LEASED BY A DEBTOR IN
CONNECTION WITH ITS FARMING OPERATION;

(B) WHICH IS CREATED BY STATUTE IN FAVOR OF A PERSON THAT:

(I) IN THE ORDINARY COURSE OF ITS BUSINESS FURNISHED
GOODS OR SERVICES TO A DEBTOR IN CONNECTION WITH A DEBTOR'S FARMING .
OPERATION; OR

(II) LEASED REAL PROPERTY TO A DEBTOR IN CONNECTION
WITH THE DEBTOR'S FARMING OPERATION; AND

(C) WHOSE EFFECTIVENESS DOES NOT DEPEND ON THE PERSON'S
POSSESSION OF THE PERSONAL PROPERTY.

(6) "AS-EXTRACTED COLLATERAL" MEANS:

(A) OIL, GAS, OR OTHER MINERALS THAT ARE SUBJECT TO A
SECURITY INTEREST THAT:

(I) IS CREATED BY A DEBTOR HAVING AN INTEREST IN THE
MINERALS BEFORE EXTRACTION, AND

(II) ATTACHES TO THE MINERALS AS EXTRACTED; OR

(B) ACCOUNTS ARISING OUT OF THE SALE AT THE WELLHEAD OR
MINEHEAD OF OIL, GAS, OR OTHER MINERALS IN WHICH THE DEBTOR HAD AN
INTEREST BEFORE EXTRACTION.

(7) "AUTHENTICATE" MEANS:

(A) TO SIGN; OR

(B) TO EXECUTE OR OTHERWISE ADOPT A SYMBOL, OR ENCRYPT
OR SIMILARLY PROCESS A RECORD IN WHOLE OR IN PART, WITH THE PRESENT
INTENT OF THE AUTHENTICATING PERSON TO IDENTIFY THE PERSON AND ADOPT
OR ACCEPT A RECORD.

(8) "BANK" MEANS AN ORGANIZATION THAT IS ENGAGED IN THE
BUSINESS OF BANKING. THE TERM INCLUDES SAVINGS BANKS, SAVINGS AND LOAN
ASSOCIATIONS, CREDIT UNIONS, AND TRUST COMPANIES.

 

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Session Laws, 1999
Volume 796, Page 2037   View pdf image
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