Joint Account Transaction [Agricultural Marketing Service] Law and Legal Definition

According to 7 CFR 46.2 [Title 7 Agriculture; Subtitle B -Regulations of the Department of Agriculture; Chapter I - Agricultural Marketing Service H1 (Standards, Inspections, Marketing Practices), Department of Agriculture; Subchapter B -Marketing of Perishable Agricultural Commodities, Part 46 -Regulations (Other Than Rules Of Practice) Under the Perishable Agricultural Commodities Act, 1930; Definitions] “Joint account transaction” means “a produce transaction in commerce in which two or more persons participate under a limited joint venture arrangement whereby they agree to share in a prescribed manner the costs, profits, or losses resulting from such transaction.”