GENERAL PROVISIONS
§ 13.1. Definitions.
The following words and terms, when used in this chapter, have the following meanings, unless the context clearly indicates otherwise:
Act—The Banking Code of 1965 (7 P. S. § § 101—2204).
Indebtedness limitation—The specific limitation as applied under section 306(a) of the act (7 P. S. § 306(a)).
Nonperishable staples—Staples handled or stored to assure their protection against spoilage for the period of the loan.
Readily marketable frozen or refrigerated staples—Readily marketable staples as defined in this section, but which are stored or handled to assure their protection against spoilage for the period of the loan.
Readily marketable staples—Articles of commerce, agriculture or industry which are the subject of dealings in a ready market with sufficiently frequent price quotations to make the price easily ascertainable with reasonable definiteness. The term includes primarily basic commodities, such as wheat, other grains, sugar, cotton, wool, basic metals and similar products. The term does not include fabricated commodities.
Authority The provisions of this § 13.1 amended under section 306 of the Banking Code of 1965 (7 P. S. § 306).
Source The provisions of this § 13.1 amended November 6, 1987, effective November 7, 1987, 17 Pa.B. 4553. Immediately preceding text appears at serial page (113838).
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