§ 23-2-6-6 — "Commodity contract" defined

Indiana § 23-2-6-6

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 2: SECURITIES AND FRANCHISES
• Ch. 6: Indiana Commodity Code

Text

As used in this chapter, "commodity contract"
means an account, an agreement, or a contract that:
(1) is for the purchase or sale of at least one (1) commodity;
(2) is primarily for speculation or investment purposes; and
(3) is not primarily for the use or consumption by the offeree or
purchaser;
regardless of whether the account, agreement, or contract is 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. For purposes of this chapter, 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.
The term does not include a contract or agreement that requires, and
under which the purchaser receives, physical delivery of the total
amount of each commodity to be purchased under the contract or
agreement not later than twenty-eight (28) calendar days after payment
in good funds of any portion of the purchase price.

Legislative History

As added by P.L.177-1991, SEC.10.