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Title XXVI TRADE AND COMMERCE

Chapter 409

Effective - 28 Aug 1985 bottom

  409.800.  Definitions. — As used in sections 409.800 to 409.863, the following terms shall mean:

  (1)  "CFTC Rule", any rule or order of the Commodity Futures Trading Commission;

  (2)  "Board of trade", any person or group of persons engaged in buying or selling any commodity or receiving the same for sale on consignment, whether such person or group of persons is characterized as a board of trade, exchange or other form of marketplace;

  (3)  "Commissioner", the commissioner of securities provided for in this chapter;

  (4)  "Commodity", except as otherwise specified by the commissioner by rule or order, any agricultural, grain or livestock product or by-product, any metal or mineral (including a precious metal as defined in subdivision (13) of this section), any gem or gemstone (whether characterized as precious, semiprecious or otherwise), any fuel (whether liquid, gaseous or otherwise), any foreign currency, and all other goods, articles, products or items of any kind; except that, the term "commodity" shall not include:

  (a)  A numismatic coin whose fair market value is at least twenty percent higher than the value of the metal it contains;

  (b)  Real property or any agricultural or livestock product grown or raised on real property and offered or sold by the owner or lessee of such real property; or

  (c)  Any work of art offered or sold by art dealers at public auction or offered or sold through a private sale by the owner thereof;

  (d)  Any consignment of goods to another person or merchant by an owner if the goods are received in the ordinary course of the consignee's business;

  (5)  "Commodity contract", any account, agreement or contract for the purchase or sale, primarily for speculation or investment purposes and not for use or consumption by the offeree or purchaser, of one or more commodities, whether for immediate or subsequent delivery or whether delivery is intended by the parties, and whether characterized as a cash contract, deferred shipment or deferred delivery contract, forward contract, futures contract, installment or margin contract, leverage contract or otherwise.  Any commodity contract offered or sold shall, in the absence of evidence to the contrary, be presumed to be offered or sold for speculation or investment purposes.  A commodity contract shall not include any contract or agreement which requires, and under which the purchaser receives, within twenty-eight calendar days from the payment in good funds of any portion of the purchase price, physical delivery of the total amount of each commodity to be purchased under the contract or agreement;

  (6)  "Commodity Exchange Act", the act of Congress known as the Commodity Exchange Act, as amended, codified at 7 U.S.C. § 1, et seq.;

  (7)  "Commodity Futures Trading Commission", the independent regulatory agency established by Congress to administer the Commodity Exchange Act;

  (8)  "Commodity merchant", any of the following, as defined or described in the Commodity Exchange Act or by CFTC Rule:

  (a)  Futures commission merchants;

  (b)  Commodity pool operators;

  (c)  Commodity trading advisors;

  (d)  Introducing brokers;

  (e)  Leverage transaction merchants;

  (f)  Any person associated with any of the persons listed in paragraphs (a) to (e) of this subdivision;

  (g)  Floor brokers; and

  (h)  Any other person, other than a futures association, required to register with the Commodity Futures Trading Commission;

  (9)  "Commodity option", any account, agreement or contract giving a party thereto the right to purchase or sell one or more commodities or one or more commodity contracts, or both, whether characterized as an option, privilege, indemnity, bid, offer, put, call, advance guaranty, decline guaranty or otherwise.  The term "commodity contract" shall not include a commodity option traded on a national securities exchange registered with the United States Securities and Exchange Commission;

  (10)  "Financial institution", any bank, savings institution or trust company organized under, or supervised pursuant to, the laws of the United States or of any state;

  (11)  "Offer" or "offer to sell" includes every offer, every attempt to offer to dispose of, or solicitation of an offer to buy, to purchase or to acquire, for value;

  (12)  "Person", any individual, corporation, partnership, association, joint-stock company, trust where the interests of the beneficiaries are evidenced by a security, unincorporated organization, government, or political subdivision of a government.  The term "person" shall not include a contract market designated by the Commodity Futures Trading Commission, or any clearinghouse thereof, or a national securities exchange registered with the Securities and Exchange Commission, or any employee, officer or director of such contract market, clearinghouse or exchange acting solely in that capacity;

  (13)  "Precious metal", silver, gold or platinum, in either coin, bullion or other form, and such other precious metals as the commissioner may specify by rule or order;

  (14)  "Sale" or "sell" includes every sale, contract of sale, contract to sell, or disposition, for value.

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(L. 1985 H.B. 409 & 532 § 1)


---- end of effective   28 Aug 1985 ----

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