44-1651. Definitions
In this article, unless the context otherwise requires:
1. " Bucket shop" means any place wherein dealing in futures is carried on as defined in this section.
2. " Futures, " " dealing in futures, " and " future contracts" mean:
(a) A sale or purchase or contract to sell or offer to sell or purchase any copper, gold, silver, lead, cotton, grain or meat or any stocks or bonds of any corporation, to be delivered in the future when it is not the bona fide intention of the party being prosecuted, at the time the transaction was made, that the subject matter of the transaction should be delivered and paid for as specified in such transaction.
(b) Any sale, purchase, offer or contract where it was the intention of the party being prosecuted at the time of making the transaction, that it should, or at the option of either party might be, settled by paying or receiving a margin, or profit on such contract.
(c) Any purchase, sale or offer of sale or purchase, or contract for future delivery of anything set forth in this section, on, by or through any exchange or board of trade, the rules, by-laws, customs or regulations of which permit such transaction to be settled or closed by delivery or tender of any grade of the thing specified in such transaction, other than the grade upon which the price is based in such transaction, at any price other than the actual price for spot delivery of such other grade at the time and place of delivery or tender.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.