California Law (Last Updated: March 4, 2014) |
Food and Agricultural Code - FAC |
Division 20. PROCESSORS, STORERS, DEALERS, AND DISTRIBUTORS OF AGRICULTURAL PRODUCTS |
Chapter 6. Processors of Farm Products |
ARTICLE 1. Definitions |
Section 55405.
Latest version.
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"New value" includes any new advance or loan, whether in money or other property, which is made by a lender to a processor. It does not, however, include any extension or renewal of any existing obligation of the processor, nor any obligation which is substituted for such existing obligation.
(Enacted by Stats. 1967, Ch. 15.)