N.D. Cent. Code § 6-09.8-01 Definitions
6-09.8-01. Definitions
As used in this chapter, unless the context or subject matter requires otherwise:
1. "Beginning farmer" means an individual who qualifies as a beginning farmer who:
a. Is a resident of this state;
b. Receives more than half of that person's gross annual income from farming,
unless the person initially commences farming during the year of the application
under this chapter;
c. Intends to use any farmland to be purchased or rented for agricultural purposes;
d. Is adequately trained by education in the type of farming operation which the
person wishes to begin on the purchased or rented land referred to in
subdivision c through satisfactory participation in the adult farm management
education program of the state board for career and technical education or an
equivalent program approved by the agriculture commissioner; and
e. Has, including the net worth of any dependents and spouse, a net worth of less
than one hundred thousand dollars, not including the value of their equity in their
principal residence, the value of one personal or family motor vehicle, and the
value of their household goods, including furniture, appliances, musical
instruments, clothing, and other personal belongings.
2. "Lender" means any lending institution which is regulated or funded under the laws of
this state or the United States and which has provided financing to a beginning farmer
for the purchase of qualified agricultural property.
3. "Loan guarantee" means an agreement that in the event of default by a beginning
farmer under a contract for deed, a note and mortgage, or other loan or financing
agreement, the Bank shall pay the seller or lender ninety percent of the amount of
principal due the seller or lender on a real estate transaction and up to fifty percent of
the amount of principal due the seller or lender on a personal property loan at the time
the claim is approved from the loan guarantee fund.
4. "Qualified agricultural property" means real estate or depreciable personal property
used in the production of agricultural products. Depreciable personal property means
personal property that may be depreciated under generally accepted accounting
principles and is designed for use in more than one production year.
5. "Seller" means any person, association, partnership, corporation, or limited liability
company which has provided financing to a beginning farmer for the purchase of
qualified agricultural property or which has entered into a contract for deed with a
beginning farmer for the sale and purchase of agricultural real estate.