Maine Revised Statutes Title 32 Sec. 11202 – Unlawful commodity transactions
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Terms Used In Maine Revised Statutes Title 32 Sec. 11202
- Commodity: means , except as otherwise specified by the administrator by rule or order, any agricultural, grain or livestock products or by-products, any metals or minerals, including a precious metal set forth in subsection 12, 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 provided that the term commodity shall not include:
A. See Maine Revised Statutes Title 32 Sec. 11201Commodity contract: means 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. See Maine Revised Statutes Title 32 Sec. 11201 Commodity option: means any account, agreement or contract giving a party to the account, agreement or contract the right, but not the obligation, 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, but shall not include an option traded on a national securities exchange registered with the United States Securities and Exchange Commission. See Maine Revised Statutes Title 32 Sec. 11201 Contract: A legal written agreement that becomes binding when signed. offer to sell: includes every offer to sell, offer to purchase or offer to enter into a commodity contract or commodity option. See Maine Revised Statutes Title 32 Sec. 11201 Person: means an individual, a corporation, a partnership, an association, a joint-stock company, a trust where the interests of the beneficiaries are evidenced by a security, an unincorporated organization, a government or a political subdivision of a government, but does not include, a contract market designated by the Commodity Futures Trading Commission or any clearinghouse of the Commodity Futures Trading Commission or a national securities exchange registered with the United States Securities and Exchange Commission, or any employee, officer or director of such contract market, clearinghouse or exchange acting solely in that capacity. See Maine Revised Statutes Title 32 Sec. 11201 sell: includes every sale, contract of sale, contract to sell or disposition, for value. See Maine Revised Statutes Title 32 Sec. 11201
Except as otherwise provided in section 11203 or 11204, no person may sell, purchase or offer to sell or purchase any commodity under any commodity contract or any commodity option or offer to enter into or enter into as seller or purchaser any commodity contract or commodity option. [PL 1985, c. 643 (NEW).]
SECTION HISTORY
PL 1985, c. 643 (NEW).