Missouri 2025 Regular Session

Missouri Senate Bill SB194 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1
2	2	EXPLANATION-Matter enclosed in bold-faced brackets [thus] in this bill is not enacted
3	3	and is intended to be omitted in the law.
4	4	FIRST REGULAR SESSION
5	5	SENATE BILL NO. 194
6	6	103RD GENERAL ASSEMBLY
7	7	INTRODUCED BY SENATOR BRATTIN.
8	8	0714S.01I KRISTINA MARTIN, Secretary
9	9	AN ACT
10	10	To repeal sections 143.121, 400.1-201, and 408.010, RSMo, and to enact in lieu thereof five new
11	11	sections relating to legal tender.
12	12
13	13	Be it enacted by the General Assembly of the State of Missouri, as follows:
14	14	Section A. Sections 143.121, 400.1 -201, and 408.010, 1
15	15	RSMo, are repealed and five new sections enacted in lieu 2
16	16	thereof, to be known as sections 30.266, 34.700, 143 .121, 400.1-3
17	17	201, and 408.010, to read as follows:4
18	18	30.266. The state treasurer shall keep in the custody 1
19	19	of the state treasury an amount of gold and silver greater 2
20	20	than or equal to one percent of all state funds. Nothing in 3
21	21	this section shall req uire the state treasurer to invest any 4
22	22	state funds in a manner inconsistent with Article IV, 5
23	23	Section 15 of the Missouri Constitution. 6
24	24	34.700. 1. A public entity shall not: 1
25	25	(1) Accept a payment using central bank digital 2
26	26	currency; or 3
27	27	(2) Participate in any test of central bank digital 4
28	28	currency by any Federal Reserve branch. 5
29	29	2. For purposes of this section, the following terms 6
30	30	mean: 7
31	31	(1) "Central bank digital currency", the same meaning 8
32	32	as in section 400.1-201; 9
33	33	(2) "Public entity", the state of Missouri or any 10
34	34	political subdivision thereof, including all boards, 11 SB 194 2
35	35	commissions, agencies, institutions, authorities, and bodies 12
36	36	politic and corporate of the state created by or in 13
37	37	accordance with state law or regulations. 14
38	38	143.121. 1. The Missouri adjusted gross income of a 1
39	39	resident individual shall be the taxpayer's federal adjusted 2
40	40	gross income subject to the modifications in this section. 3
41	41	2. There shall be added to the taxpayer's federal 4
42	42	adjusted gross income: 5
43	43	(1) The amount of any federal income tax refund 6
44	44	received for a prior year which resulted in a Missouri 7
45	45	income tax benefit. The amount added pursuant to this 8
46	46	subdivision shall not include any amount of a federal in come 9
47	47	tax refund attributable to a tax credit reducing a 10
48	48	taxpayer's federal tax liability pursuant to Public Law 116 - 11
49	49	136 or 116-260, enacted by the 116th United States Congress, 12
50	50	for the tax year beginning on or after January 1, 2020, and 13
51	51	ending on or before December 31, 2020, and deducted from 14
52	52	Missouri adjusted gross income pursuant to section 143.171. 15
53	53	The amount added under this subdivision shall also not 16
54	54	include any amount of a federal income tax refund 17
55	55	attributable to a tax credit reducing a tax payer's federal 18
56	56	tax liability under any other federal law that provides 19
57	57	direct economic impact payments to taxpayers to mitigate 20
58	58	financial challenges related to the COVID -19 pandemic, and 21
59	59	deducted from Missouri adjusted gross income under section 22
60	60	143.171; 23
61	61	(2) Interest on certain governmental obligations 24
62	62	excluded from federal gross income by 26 U.S.C. Section 103 25
63	63	of the Internal Revenue Code, as amended. The previous 26
64	64	sentence shall not apply to interest on obligations of the 27
65	65	state of Missouri or any of its political subdivisions or 28
66	66	authorities and shall not apply to the interest described in 29 SB 194 3
67	67	subdivision (1) of subsection 3 of this section. The amount 30
68	68	added pursuant to this subdivision shall be reduced by the 31
69	69	amounts applicable to such int erest that would have been 32
70	70	deductible in computing the taxable income of the taxpayer 33
71	71	except only for the application of 26 U.S.C. Section 265 of 34
72	72	the Internal Revenue Code, as amended. The reduction shall 35
73	73	only be made if it is at least five hundred do llars; 36
74	74	(3) The amount of any deduction that is included in 37
75	75	the computation of federal taxable income pursuant to 26 38
76	76	U.S.C. Section 168 of the Internal Revenue Code as amended 39
77	77	by the Job Creation and Worker Assistance Act of 2002 to the 40
78	78	extent the amount deducted relates to property purchased on 41
79	79	or after July 1, 2002, but before July 1, 2003, and to the 42
80	80	extent the amount deducted exceeds the amount that would 43
81	81	have been deductible pursuant to 26 U.S.C. Section 168 of 44
82	82	the Internal Revenue Code of 1986 as in effect on January 1, 45
83	83	2002; 46
84	84	(4) The amount of any deduction that is included in 47
85	85	the computation of federal taxable income for net operating 48
86	86	loss allowed by 26 U.S.C. Section 172 of the Internal 49
87	87	Revenue Code of 1986, as amended, other t han the deduction 50
88	88	allowed by 26 U.S.C. Section 172(b)(1)(G) and 26 U.S.C. 51
89	89	Section 172(i) of the Internal Revenue Code of 1986, as 52
90	90	amended, for a net operating loss the taxpayer claims in the 53
91	91	tax year in which the net operating loss occurred or carries 54
92	92	forward for a period of more than twenty years and carries 55
93	93	backward for more than two years. Any amount of net 56
94	94	operating loss taken against federal taxable income but 57
95	95	disallowed for Missouri income tax purposes pursuant to this 58
96	96	subdivision after June 18, 2002, may be carried forward and 59
97	97	taken against any income on the Missouri income tax return 60 SB 194 4
98	98	for a period of not more than twenty years from the year of 61
99	99	the initial loss; and 62
100	100	(5) For nonresident individuals in all taxable years 63
101	101	ending on or after December 31, 2006, the amount of any 64
102	102	property taxes paid to another state or a political 65
103	103	subdivision of another state for which a deduction was 66
104	104	allowed on such nonresident's federal return in the taxable 67
105	105	year unless such state, political subdivisi on of a state, or 68
106	106	the District of Columbia allows a subtraction from income 69
107	107	for property taxes paid to this state for purposes of 70
108	108	calculating income for the income tax for such state, 71
109	109	political subdivision of a state, or the District of 72
110	110	Columbia; 73
111	111	(6) For all tax years beginning on or after January 1, 74
112	112	2018, any interest expense paid or accrued in a previous 75
113	113	taxable year, but allowed as a deduction under 26 U.S.C. 76
114	114	Section 163, as amended, in the current taxable year by 77
115	115	reason of the carryforwar d of disallowed business interest 78
116	116	provisions of 26 U.S.C. Section 163(j), as amended. For the 79
117	117	purposes of this subdivision, an interest expense is 80
118	118	considered paid or accrued only in the first taxable year 81
119	119	the deduction would have been allowable under 26 U.S.C. 82
120	120	Section 163, as amended, if the limitation under 26 U.S.C. 83
121	121	Section 163(j), as amended, did not exist. 84
122	122	3. There shall be subtracted from the taxpayer's 85
123	123	federal adjusted gross income the following amounts to the 86
124	124	extent included in federal adjusted gross income: 87
125	125	(1) Interest received on deposits held at a federal 88
126	126	reserve bank or interest or dividends on obligations of the 89
127	127	United States and its territories and possessions or of any 90
128	128	authority, commission or instrumentality of the Uni ted 91
129	129	States to the extent exempt from Missouri income taxes 92 SB 194 5
130	130	pursuant to the laws of the United States. The amount 93
131	131	subtracted pursuant to this subdivision shall be reduced by 94
132	132	any interest on indebtedness incurred to carry the described 95
133	133	obligations or securities and by any expenses incurred in 96
134	134	the production of interest or dividend income described in 97
135	135	this subdivision. The reduction in the previous sentence 98
136	136	shall only apply to the extent that such expenses including 99
137	137	amortizable bond premiums are ded ucted in determining the 100
138	138	taxpayer's federal adjusted gross income or included in the 101
139	139	taxpayer's Missouri itemized deduction. The reduction shall 102
140	140	only be made if the expenses total at least five hundred 103
141	141	dollars; 104
142	142	(2) The portion of any gain, from the sale or other 105
143	143	disposition of property having a higher adjusted basis to 106
144	144	the taxpayer for Missouri income tax purposes than for 107
145	145	federal income tax purposes on December 31, 1972, that does 108
146	146	not exceed such difference in basis. If a gain is 109
147	147	considered a long-term capital gain for federal income tax 110
148	148	purposes, the modification shall be limited to one -half of 111
149	149	such portion of the gain; 112
150	150	(3) The amount necessary to prevent the taxation 113
151	151	pursuant to this chapter of any annuity or other amount of 114
152	152	income or gain which was properly included in income or gain 115
153	153	and was taxed pursuant to the laws of Missouri for a taxable 116
154	154	year prior to January 1, 1973, to the taxpayer, or to a 117
155	155	decedent by reason of whose death the taxpayer acquired the 118
156	156	right to receive the income or gain, or to a trust or estate 119
157	157	from which the taxpayer received the income or gain; 120
158	158	(4) Accumulation distributions received by a taxpayer 121
159	159	as a beneficiary of a trust to the extent that the same are 122
160	160	included in federal adjusted gross i ncome; 123 SB 194 6
161	161	(5) The amount of any state income tax refund for a 124
162	162	prior year which was included in the federal adjusted gross 125
163	163	income; 126
164	164	(6) The portion of capital gain specified in section 127
165	165	135.357 that would otherwise be included in federal adjusted 128
166	166	gross income; 129
167	167	(7) The amount that would have been deducted in the 130
168	168	computation of federal taxable income pursuant to 26 U.S.C. 131
169	169	Section 168 of the Internal Revenue Code as in effect on 132
170	170	January 1, 2002, to the extent that amount relates to 133
171	171	property purchased on or after July 1, 2002, but before July 134
172	172	1, 2003, and to the extent that amount exceeds the amount 135
173	173	actually deducted pursuant to 26 U.S.C. Section 168 of the 136
174	174	Internal Revenue Code as amended by the Job Creation and 137
175	175	Worker Assistance Act of 2002; 138
176	176	(8) For all tax years beginning on or after January 1, 139
177	177	2005, the amount of any income received for military service 140
178	178	while the taxpayer serves in a combat zone which is included 141
179	179	in federal adjusted gross income and not otherwise excluded 142
180	180	therefrom. As used in this section, "combat zone" means any 143
181	181	area which the President of the United States by Executive 144
182	182	Order designates as an area in which Armed Forces of the 145
183	183	United States are or have engaged in combat. Service is 146
184	184	performed in a combat zone only if performed on or after the 147
185	185	date designated by the President by Executive Order as the 148
186	186	date of the commencing of combat activities in such zone, 149
187	187	and on or before the date designated by the President by 150
188	188	Executive Order as the date of the ter mination of combatant 151
189	189	activities in such zone; 152
190	190	(9) For all tax years ending on or after July 1, 2002, 153
191	191	with respect to qualified property that is sold or otherwise 154
192	192	disposed of during a taxable year by a taxpayer and for 155 SB 194 7
193	193	which an additional modific ation was made under subdivision 156
194	194	(3) of subsection 2 of this section, the amount by which 157
195	195	additional modification made under subdivision (3) of 158
196	196	subsection 2 of this section on qualified property has not 159
197	197	been recovered through the additional subtraction s provided 160
198	198	in subdivision (7) of this subsection; 161
199	199	(10) For all tax years beginning on or after January 162
200	200	1, 2014, the amount of any income received as payment from 163
201	201	any program which provides compensation to agricultural 164
202	202	producers who have suffered a loss as the result of a 165
203	203	disaster or emergency, including the: 166
204	204	(a) Livestock Forage Disaster Program; 167
205	205	(b) Livestock Indemnity Program; 168
206	206	(c) Emergency Assistance for Livestock, Honeybees, and 169
207	207	Farm-Raised Fish; 170
208	208	(d) Emergency Conservation Program; 171
209	209	(e) Noninsured Crop Disaster Assistance Program; 172
210	210	(f) Pasture, Rangeland, Forage Pilot Insurance Program; 173
211	211	(g) Annual Forage Pilot Program; 174
212	212	(h) Livestock Risk Protection Insurance Plan; 175
213	213	(i) Livestock Gross Margin Insurance Plan; 176
214	214	(11) For all tax years beginning on or after January 177
215	215	1, 2018, any interest expense paid or accrued in the current 178
216	216	taxable year, but not deducted as a result of the limitation 179
217	217	imposed under 26 U.S.C. Section 163(j), as amended. For the 180
218	218	purposes of this subdivision, an interest expense is 181
219	219	considered paid or accrued only in the first taxable year 182
220	220	the deduction would have been allowable under 26 U.S.C. 183
221	221	Section 163, as amended, if the limitation under 26 U.S.C. 184
222	222	Section 163(j), as a mended, did not exist; 185
223	223	(12) One hundred percent of any retirement benefits 186
224	224	received by any taxpayer as a result of the taxpayer's 187 SB 194 8
225	225	service in the Armed Forces of the United States, including 188
226	226	reserve components and the National Guard of this state, as 189
227	227	defined in 32 U.S.C. Sections 101(3) and 109, and any other 190
228	228	military force organized under the laws of this state; [and] 191
229	229	(13) For all tax years beginning on or after January 192
230	230	1, 2022, one hundred percent of any federal, state, or local 193
231	231	grant moneys received by the taxpayer if the grant money was 194
232	232	disbursed for the express purpose of providing or expanding 195
233	233	access to broadband internet to areas of the state deemed to 196
234	234	be lacking such access ; and 197
235	235	(14) For all tax years beginning on or after January 198
236	236	1, 2026, the portion of capital gain on the sale or exchange 199
237	237	of gold and silver that are otherwise included in the 200
238	238	taxpayer's federal adjusted gross income . 201
239	239	4. There shall be added to or subtracted from the 202
240	240	taxpayer's federal adjusted gro ss income the taxpayer's 203
241	241	share of the Missouri fiduciary adjustment provided in 204
242	242	section 143.351. 205
243	243	5. There shall be added to or subtracted from the 206
244	244	taxpayer's federal adjusted gross income the modifications 207
245	245	provided in section 143.411. 208
246	246	6. In addition to the modifications to a taxpayer's 209
247	247	federal adjusted gross income in this section, to calculate 210
248	248	Missouri adjusted gross income there shall be subtracted 211
249	249	from the taxpayer's federal adjusted gross income any gain 212
250	250	recognized pursuant to 26 U.S .C. Section 1033 of the 213
251	251	Internal Revenue Code of 1986, as amended, arising from 214
252	252	compulsory or involuntary conversion of property as a result 215
253	253	of condemnation or the imminence thereof. 216
254	254	7. (1) As used in this subsection, "qualified health 217
255	255	insurance premium" means the amount paid during the tax year 218
256	256	by such taxpayer for any insurance policy primarily 219 SB 194 9
257	257	providing health care coverage for the taxpayer, the 220
258	258	taxpayer's spouse, or the taxpayer's dependents. 221
259	259	(2) In addition to the subtractions in su bsection 3 of 222
260	260	this section, one hundred percent of the amount of qualified 223
261	261	health insurance premiums shall be subtracted from the 224
262	262	taxpayer's federal adjusted gross income to the extent the 225
263	263	amount paid for such premiums is included in federal taxable 226
264	264	income. The taxpayer shall provide the department of 227
265	265	revenue with proof of the amount of qualified health 228
266	266	insurance premiums paid. 229
267	267	8. (1) Beginning January 1, 2014, in addition to the 230
268	268	subtractions provided in this section, one hundred percent 231
269	269	of the cost incurred by a taxpayer for a home energy audit 232
270	270	conducted by an entity certified by the department of 233
271	271	natural resources under section 640.153 or the 234
272	272	implementation of any energy efficiency recommendations made 235
273	273	in such an audit shall be subtrac ted from the taxpayer's 236
274	274	federal adjusted gross income to the extent the amount paid 237
275	275	for any such activity is included in federal taxable 238
276	276	income. The taxpayer shall provide the department of 239
277	277	revenue with a summary of any recommendations made in a 240
278	278	qualified home energy audit, the name and certification 241
279	279	number of the qualified home energy auditor who conducted 242
280	280	the audit, and proof of the amount paid for any activities 243
281	281	under this subsection for which a deduction is claimed. The 244
282	282	taxpayer shall also pr ovide a copy of the summary of any 245
283	283	recommendations made in a qualified home energy audit to the 246
284	284	department of natural resources. 247
285	285	(2) At no time shall a deduction claimed under this 248
286	286	subsection by an individual taxpayer or taxpayers filing 249
287	287	combined returns exceed one thousand dollars per year for 250 SB 194 10
288	288	individual taxpayers or cumulatively exceed two thousand 251
289	289	dollars per year for taxpayers filing combined returns. 252
290	290	(3) Any deduction claimed under this subsection shall 253
291	291	be claimed for the tax year in which the qualified home 254
292	292	energy audit was conducted or in which the implementation of 255
293	293	the energy efficiency recommendations occurred. If 256
294	294	implementation of the energy efficiency recommendations 257
295	295	occurred during more than one year, the deduction may be 258
296	296	claimed in more than one year, subject to the limitations 259
297	297	provided under subdivision (2) of this subsection. 260
298	298	(4) A deduction shall not be claimed for any otherwise 261
299	299	eligible activity under this subsection if such activity 262
300	300	qualified for and receive d any rebate or other incentive 263
301	301	through a state-sponsored energy program or through an 264
302	302	electric corporation, gas corporation, electric cooperative, 265
303	303	or municipally owned utility. 266
304	304	9. The provisions of subsection 8 of this section 267
305	305	shall expire on December 31, 2020. 268
306	306	10. (1) As used in this subsection, the following 269
307	307	terms mean: 270
308	308	(a) "Beginning farmer", a taxpayer who: 271
309	309	a. Has filed at least one but not more than ten 272
310	310	Internal Revenue Service Schedule F (Form 1040) Profit or 273
311	311	Loss From Farming forms since turning eighteen years of age; 274
312	312	b. Is approved for a beginning farmer loan through the 275
313	313	USDA Farm Service Agency Beginning Farmer direct or 276
314	314	guaranteed loan program; 277
315	315	c. Has a farming operation that is determined by the 278
316	316	department of agriculture to be new production agriculture 279
317	317	but is the principal operator of a farm and has substantial 280
318	318	farming knowledge; or 281 SB 194 11
319	319	d. Has been determined by the department of 282
320	320	agriculture to be a qualified family member; 283
321	321	(b) "Farm owner", an individual who owns farmland and 284
322	322	disposes of or relinquishes use of all or some portion of 285
323	323	such farmland as follows: 286
324	324	a. A sale to a beginning farmer; 287
325	325	b. A lease or rental agreement not exceeding ten years 288
326	326	with a beginning farmer; or 289
327	327	c. A crop-share arrangement not exceeding ten years 290
328	328	with a beginning farmer; 291
329	329	(c) "Qualified family member", an individual who is 292
330	330	related to a farm owner within the fourth degree by blood, 293
331	331	marriage, or adoption and who is purchasing or leasing or is 294
332	332	in a crop-share arrangement for land from all or a portion 295
333	333	of such farm owner's farming operation. 296
334	334	(2) (a) In addition to all other subtractions 297
335	335	authorized in this section, a taxpayer who is a farm owner 298
336	336	who sells all or a portion of such farmland to a beginning 299
337	337	farmer may subtract from such taxpayer's Missouri adjusted 300
338	338	gross income an amount to the extent included in federal 301
339	339	adjusted gross income as provided in this subdivision. 302
340	340	(b) Subject to the limitations in paragraph (c) of 303
341	341	this subdivision, the amount that may be subtracted shall be 304
342	342	equal to the portion of capital gains received from the sale 305
343	343	of such farmland that such taxpayer receives in the tax year 306
344	344	for which such taxpayer subtracts such capital gain. 307
345	345	(c) A taxpayer may subtract the following amounts and 308
346	346	percentages per tax year in total capital gains received 309
347	347	from the sale of such farmland under this subdivision: 310
348	348	a. For the first two million dollars received, one 311
349	349	hundred percent; 312 SB 194 12
350	350	b. For the next one million dollars received, eighty 313
351	351	percent; 314
352	352	c. For the next one million dollars received, sixty 315
353	353	percent; 316
354	354	d. For the next one million dollars received, forty 317
355	355	percent; and 318
356	356	e. For the next one million dollars received, twenty 319
357	357	percent. 320
358	358	(d) The department of revenue shall prepare an annual 321
359	359	report reviewing the costs and benefits and containing 322
360	360	statistical information regarding the subtraction of capital 323
361	361	gains authorized under this subdivision for the previous tax 324
362	362	year including, but not limited to, the total amount of all 325
363	363	capital gains subtracted and the number of taxpayers 326
364	364	subtracting such capital gains. Such report shall be 327
365	365	submitted before February first of each year to the 328
366	366	committee on agriculture policy of the Missouri ho use of 329
367	367	representatives and the committee on agriculture, food 330
368	368	production and outdoor resources of the Missouri senate, or 331
369	369	the successor committees. 332
370	370	(3) (a) In addition to all other subtractions 333
371	371	authorized in this section, a taxpayer who is a far m owner 334
372	372	who enters a lease or rental agreement for all or a portion 335
373	373	of such farmland with a beginning farmer may subtract from 336
374	374	such taxpayer's Missouri adjusted gross income an amount to 337
375	375	the extent included in federal adjusted gross income as 338
376	376	provided in this subdivision. 339
377	377	(b) Subject to the limitation in paragraph (c) of this 340
378	378	subdivision, the amount that may be subtracted shall be 341
379	379	equal to the portion of cash rent income received from the 342
380	380	lease or rental of such farmland that such taxpayer rec eives 343 SB 194 13
381	381	in the tax year for which such taxpayer subtracts such 344
382	382	income. 345
383	383	(c) No taxpayer shall subtract more than twenty -five 346
384	384	thousand dollars per tax year in total cash rent income 347
385	385	received from the lease or rental of such farmland under 348
386	386	this subdivision. 349
387	387	(4) (a) In addition to all other subtractions 350
388	388	authorized in this section, a taxpayer who is a farm owner 351
389	389	who enters a crop-share arrangement on all or a portion of 352
390	390	such farmland with a beginning farmer may subtract from such 353
391	391	taxpayer's Missouri adjusted gross income an amount to the 354
392	392	extent included in federal adjusted gross income as provided 355
393	393	in this subdivision. 356
394	394	(b) Subject to the limitation in paragraph (c) of this 357
395	395	subdivision, the amount that may be subtracted shall be 358
396	396	equal to the portion of income received from the crop -share 359
397	397	arrangement on such farmland that such taxpayer receives in 360
398	398	the tax year for which such taxpayer subtracts such income. 361
399	399	(c) No taxpayer shall subtract more than twenty -five 362
400	400	thousand dollars per tax year in total income received from 363
401	401	the lease or rental of such farmland under this subdivision. 364
402	402	(5) The department of agriculture shall, by rule, 365
403	403	establish a process to verify that a taxpayer is a beginning 366
404	404	farmer for purposes of this section and shall provide 367
405	405	verification to the beginning farmer and farm seller of such 368
406	406	farmer's and seller's certification and qualification for 369
407	407	the exemption provided in this subsection. 370
408	408	400.1-201. (a) Unless the context otherwise require s, 1
409	409	words or phrases defined in this section, or in the 2
410	410	additional definitions contained in other articles of this 3
411	411	chapter that apply to particular articles or parts thereof, 4
412	412	have the meanings stated. 5 SB 194 14
413	413	(b) Subject to definitions contained in other articles 6
414	414	of this chapter that apply to particular articles or parts 7
415	415	thereof: 8
416	416	(1) "Action", in the sense of a judicial proceeding, 9
417	417	includes recoupment, counterclaim, set -off, suit in equity, 10
418	418	and any other proceeding in which rights are determined. 11
419	419	(2) "Aggrieved party" means a party entitled to pursue 12
420	420	a remedy. 13
421	421	(3) "Agreement", as distinguished from "contract", 14
422	422	means the bargain of the parties in fact, as found in their 15
423	423	language or inferred from other circumstances, including 16
424	424	course of performance, course of dealing, or usage of trade 17
425	425	as provided in section 400.1 -303. 18
426	426	(4) "Bank" means a person engaged in the business of 19
427	427	banking and includes a savings bank, savings and loan 20
428	428	association, credit union, and trust company. 21
429	429	(5) "Bearer" means a person in possession of a 22
430	430	negotiable instrument, document of title, or certificated 23
431	431	security that is payable to bearer or indorsed in blank. 24
432	432	(6) "Bill of lading" means a document evidencing the 25
433	433	receipt of goods for shipment is sued by a person engaged in 26
434	434	the business of transporting or forwarding goods. 27
435	435	(7) "Branch" includes a separately incorporated 28
436	436	foreign branch of a bank. 29
437	437	(8) "Burden of establishing" a fact means the burden 30
438	438	of persuading the trier of fact that the existence of the 31
439	439	fact is more probable than its nonexistence. 32
440	440	(9) "Buyer in ordinary course of business" means a 33
441	441	person that buys goods in good faith, without knowledge that 34
442	442	the sale violates the rights of another person in the goods, 35
443	443	and in the ordinary course from a person, other than a 36
444	444	pawnbroker, in the business of selling goods of that kind. 37 SB 194 15
445	445	A person buys goods in the ordinary course if the sale to 38
446	446	the person comports with the usual or customary practices in 39
447	447	the kind of business in which the seller is engaged or with 40
448	448	the seller's own usual or customary practices. A person 41
449	449	that sells oil, gas, or other minerals at the wellhead or 42
450	450	minehead is a person in the business of selling goods of 43
451	451	that kind. A buyer in ordinary course of bu siness may buy 44
452	452	for cash, by exchange of other property, or on secured or 45
453	453	unsecured credit, and may acquire goods or documents of 46
454	454	title under a preexisting contract for sale. Only a buyer 47
455	455	that takes possession of the goods or has a right to recover 48
456	456	the goods from the seller under article 2 may be a buyer in 49
457	457	ordinary course of business. "Buyer in ordinary course of 50
458	458	business" does not include a person that acquires goods in a 51
459	459	transfer in bulk or as security for or in total or partial 52
460	460	satisfaction of a money debt. 53
461	461	(9A) "Central bank digital currency" means a digital 54
462	462	currency, a digital medium of exchange, or a digital 55
463	463	monetary unit of account issued by the United States Federal 56
464	464	Reserve System, a federal agency, a foreign government, a 57
465	465	foreign central bank, or a foreign reserve system, that is 58
466	466	made directly available to a consumer by such entities. The 59
467	467	term includes a digital currency, a digital medium of 60
468	468	exchange, or a digital monetary unit of account issued by 61
469	469	the United States Federal Reserve System, a federal agency, 62
470	470	a foreign government, a foreign central bank, or a foreign 63
471	471	reserve system, that is processed or validated directly by 64
472	472	such entities. 65
473	473	(10) "Conspicuous", with reference to a term, means so 66
474	474	written, displayed, or p resented that a reasonable person 67
475	475	against which it is to operate ought to have noticed it. 68 SB 194 16
476	476	Whether a term is "conspicuous" or not is a decision for the 69
477	477	court. Conspicuous terms include the following: 70
478	478	(A) a heading in capitals equal to or greater in size 71
479	479	than the surrounding text, or in contrasting type, font, or 72
480	480	color to the surrounding text of the same or lesser size; and 73
481	481	(B) language in the body of a record or display in 74
482	482	larger type than the surrounding text, or in contrasting 75
483	483	type, font, or color to the surrounding text of the same 76
484	484	size, or set off from surrounding text of the same size by 77
485	485	symbols or other marks that call attention to the language. 78
486	486	(11) "Consumer" means an individual who enters into a 79
487	487	transaction primarily fo r personal, family, or household 80
488	488	purposes. 81
489	489	(12) "Contract", as distinguished from "agreement", 82
490	490	means the total legal obligation that results from the 83
491	491	parties' agreement as determined by this chapter as 84
492	492	supplemented by any other applicable laws. 85
493	493	(13) "Creditor" includes a general creditor, a secured 86
494	494	creditor, a lien creditor, and any representative of 87
495	495	creditors, including an assignee for the benefit of 88
496	496	creditors, a trustee in bankruptcy, a receiver in equity, 89
497	497	and an executor or administra tor of an insolvent debtor's or 90
498	498	assignor's estate. 91
499	499	(14) "Defendant" includes a person in the position of 92
500	500	defendant in a counterclaim, cross -claim, or third-party 93
501	501	claim. 94
502	502	(15) "Delivery", with respect to an instrument, 95
503	503	document of title, or c hattel paper, means voluntary 96
504	504	transfer of possession. 97
505	505	(16) "Document of title" includes bill of lading, dock 98
506	506	warrant, dock receipt, warehouse receipt or order for the 99
507	507	delivery of goods, and also any other document which in the 100 SB 194 17
508	508	regular course of business or financing is treated as 101
509	509	adequately evidencing that the person in possession of it is 102
510	510	entitled to receive, hold, and dispose of the document and 103
511	511	the goods it covers. To be a document of title, a document 104
512	512	shall purport to be issued by or addr essed to a bailee and 105
513	513	purport to cover goods in the bailee's possession which are 106
514	514	either identified or are fungible portions of an identified 107
515	515	mass. 108
516	516	(17) "Fault" means a default, breach, or wrongful act 109
517	517	or omission. 110
518	518	(18) "Fungible goods" mea ns: 111
519	519	(A) goods of which any unit, by nature or usage of 112
520	520	trade, is the equivalent of any other like unit; or 113
521	521	(B) goods that by agreement are treated as equivalent. 114
522	522	(19) "Genuine" means free of forgery or counterfeiting. 115
523	523	(20) "Good faith", except as otherwise provided in 116
524	524	article 5, means honesty in fact and the observance of 117
525	525	reasonable commercial standards of fair dealing. 118
526	526	(21) "Holder" means: 119
527	527	(A) the person in possession of a negotiable 120
528	528	instrument that is payable either to bearer or to an 121
529	529	identified person that is the person in possession; or 122
530	530	(B) the person in possession of a document of title if 123
531	531	the goods are deliverable either to bearer or to the order 124
532	532	of the person in possession. 125
533	533	(22) "Insolvency proceeding" includes an assignment 126
534	534	for the benefit of creditors or other proceeding intended to 127
535	535	liquidate or rehabilitate the estate of the person involved. 128
536	536	(23) "Insolvent" means: 129
537	537	(A) having generally ceased to pay debts in the 130
538	538	ordinary course of business other than as a result of bona 131
539	539	fide dispute; 132 SB 194 18
540	540	(B) being unable to pay debts as they become due; or 133
541	541	(C) being insolvent within the meaning of federal 134
542	542	bankruptcy law. 135
543	543	(24) "Money" means a medium of exchange currently 136
544	544	authorized or adopted by a domestic or foreign government. 137
545	545	The term includes a monetary unit of account established by 138
546	546	an intergovernmental organization or by agreement between 139
547	547	two or more countries. The term does not include a central 140
548	548	bank digital currency. 141
549	549	(25) "Organization" means a person other than an 142
550	550	individual. 143
551	551	(26) "Party", as distinguished from "third party", 144
552	552	means a person that has engaged in a transaction or made an 145
553	553	agreement subject to this chapter. 146
554	554	(27) "Person" means an individ ual, corporation, 147
555	555	business trust, estate, trust, partnership, limited 148
556	556	liability company, association, joint venture, government, 149
557	557	governmental subdivision, agency, or instrumentality, public 150
558	558	corporation, or any other legal or commercial entity. 151
559	559	(28) "Present value" means the amount as of a date 152
560	560	certain of one or more sums payable in the future, 153
561	561	discounted to the date certain by use of either an interest 154
562	562	rate specified by the parties if that rate is not manifestly 155
563	563	unreasonable at the time the tr ansaction is entered into or, 156
564	564	if an interest rate is not so specified, a commercially 157
565	565	reasonable rate that takes into account the facts and 158
566	566	circumstances at the time the transaction is entered into. 159
567	567	(29) "Purchase" means taking by sale, lease, dis count, 160
568	568	negotiation, mortgage, pledge, lien, security interest, 161
569	569	issue or reissue, gift, or any other voluntary transaction 162
570	570	creating an interest in property. 163
571	571	(30) "Purchaser" means a person that takes by purchase. 164 SB 194 19
572	572	(31) "Record" means informati on that is inscribed on a 165
573	573	tangible medium or that is stored in an electronic or other 166
574	574	medium and is retrievable in perceivable form. 167
575	575	(32) "Remedy" means any remedial right to which an 168
576	576	aggrieved party is entitled with or without resort to a 169
577	577	tribunal. 170
578	578	(33) "Representative" means a person empowered to act 171
579	579	for another, including an agent, an officer of a corporation 172
580	580	or association, and a trustee, executor, or administrator of 173
581	581	an estate. 174
582	582	(34) "Right" includes remedy. 175
583	583	(35) "Security interest" means an interest in personal 176
584	584	property or fixtures which secures payment or performance of 177
585	585	an obligation. "Security interest" includes any interest of 178
586	586	a consignor and a buyer of accounts, chattel paper, a 179
587	587	payment intangible, or a promissory note in a transaction 180
588	588	that is subject to article 9. "Security interest" does not 181
589	589	include the special property interest of a buyer of goods on 182
590	590	identification of those goods to a contract for sale under 183
591	591	section 400.2-401, but a buyer may also acquire a "security 184
592	592	interest" by complying with article 9. Except as otherwise 185
593	593	provided in section 400.2 -505, the right of a seller or 186
594	594	lessor of goods under article 2 or 2A to retain or acquire 187
595	595	possession of the goods is not a "security interest", but a 188
596	596	seller or lessor may also acquire a "security interest" by 189
597	597	complying with article 9. The retention or reservation of 190
598	598	title by a seller of goods notwithstanding shipment or 191
599	599	delivery to the buyer under section 400.2 -401 is limited in 192
600	600	effect to a reservation of a "security interest". Whether a 193
601	601	transaction in the form of a lease creates a "security 194
602	602	interest" is determined pursuant to section 400.1 -203. 195 SB 194 20
603	603	(36) "Send" in connection with a writing, record, or 196
604	604	notice means: 197
605	605	(A) to deposit in the mail or deliver for transmission 198
606	606	by any other usual means of communication with postage or 199
607	607	cost of transmission provided for and properly addressed 200
608	608	and, in the case of an instrument, to an address specified 201
609	609	thereon or otherwise agreed, or if there be none t o any 202
610	610	address reasonable under the circumstances; or 203
611	611	(B) in any other way to cause to be received any 204
612	612	record or notice within the time it would have arrived if 205
613	613	properly sent. 206
614	614	(37) "Signed" includes using any symbol executed or 207
615	615	adopted with present intention to adopt or accept a writing. 208
616	616	(38) "State" means a State of the United States, the 209
617	617	District of Columbia, Puerto Rico, the United States Virgin 210
618	618	Islands, or any territory or insular possession subject to 211
619	619	the jurisdiction of the Uni ted States. 212
620	620	(39) "Surety" includes a guarantor or other secondary 213
621	621	obligor. 214
622	622	(40) "Term" means a portion of an agreement that 215
623	623	relates to a particular matter. 216
624	624	(41) "Unauthorized signature" means a signature made 217
625	625	without actual, implied, o r apparent authority. The term 218
626	626	includes a forgery. 219
627	627	(42) "Warehouse receipt" means a receipt issued by a 220
628	628	person engaged in the business of storing goods for hire. 221
629	629	(43) "Writing" includes printing, typewriting, or any 222
630	630	other intentional reduct ion to tangible form. "Written" has 223
631	631	a corresponding meaning. 224
632	632	408.010. [The silver coins of the United States are 1
633	633	hereby declared a] 1. Gold and silver coinage shall be 2
634	634	accepted as legal tender, at their [par value, fixed by the 3 SB 194 21
635	635	laws of the United States ] spot price plus market premium , 4
636	636	and shall be receivable in payment of all debts, public or 5
637	637	private, hereafter contracted in the state of Missouri [; 6
638	638	provided, however, that no person shall have the right to 7
639	639	pay, upon any one deb t, dimes and half dimes to an amount 8
640	640	exceeding ten dollars, or of twenty and twenty -five cent 9
641	641	pieces exceeding twenty dollars ]. The state of Missouri 10
642	642	shall accept gold and silver coinage as payment for any 11
643	643	debt, tax, fee, or obligation owed. Costs incurred in the 12
644	644	course of verification of the weight and purity of any gold 13
645	645	or silver coinage during any such transaction shall be borne 14
646	646	by the receiving entity . 15
647	647	2. No person or entity shall be required to use gold 16
648	648	or silver coinage in the payment of any debt. 17
649	649	3. Nothing in this section shall prohibit the use of 18
650	650	federal reserve notes in the payment of any debt. 19
651	651	4. Except as otherwise provided in section 513.607, 20
652	652	under no circumstance shall the state of Missouri or any 21
653	653	department, agency, court, political subdivision, or 22
654	654	instrumentality thereof seize from any person any gold or 23
655	655	silver that is owned by such person. Any person who has his 24
656	656	or her gold or silver seized in violation of this section 25
657	657	shall have a cause of action in a cour t of competent 26
658	658	jurisdiction. Any successful cause of action shall result 27
659	659	in an award of attorney's fees. 28
660	660	Section B. If any provision of section A of this act 1
661	661	or the application thereof to anyone or to any circumstance 2
662	662	is held invalid, the remainder of those sections and the 3
663	663	application of such provisions to others or other 4
664	664	circumstances shall not be affected thereby. 5
665	665	