Indiana Code 23-2-6-6. “Commodity contract” defined
(1) is for the purchase or sale of at least one (1) commodity;
Terms Used In Indiana Code 23-2-6-6
- commodity: means , except as otherwise specified by a rule, regulation, or order of the commissioner, any of the following:
Indiana Code 23-2-6-4
- commodity contract: means an account, an agreement, or a contract that:
Indiana Code 23-2-6-6
- Contract: A legal written agreement that becomes binding when signed.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- sale: means any:
Indiana Code 23-2-6-16
(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.
As added by P.L.177-1991, SEC.10.