First Purchaser Law and Legal Definition
According to 7 USCS § 6302 (Title 7, Agriculture, Chapter 92, Soybean Promotion, Research, and Consumer Information), “the term "first purchaser" means--
(A) except as provided in subparagraph (B), any person buying or otherwise acquiring from a producer soybeans produced by such producer; or
(B) the Commodity Credit Corporation, in any case in which soybeans are pledged as collateral for a loan issued under any price support loan program administered by the Commodity Credit Corporation.”
