Oregon Statutes 645.005 – Definitions
As used in this chapter:
Terms Used In Oregon Statutes 645.005
- Board of trade: means any person or persons engaged in buying or selling any commodity or receiving the same for sale on consignment, whether such person or persons are characterized as a board of trade, exchange or other form of marketplace. See Oregon Statutes 645.005
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Director: means the Director of the Department of Consumer and Business Services or an agent or employee authorized to act on the director's behalf. See Oregon Statutes 645.005
- 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.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Offer: includes every offer to sell, offer to purchase or offer to enter into a commodity contract or commodity option. See Oregon Statutes 645.005
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes an individual, a joint venture, a partnership, a cooperative, an association, a joint stock company, a corporation, a trust, an unincorporated organization, a government or a political subdivision of a government. See Oregon Statutes 645.005
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- sell: includes every sale, contract of sale, contract to sell or disposition for value. See Oregon Statutes 645.005
(1) ‘Board of trade’ means any person or persons engaged in buying or selling any commodity or receiving the same for sale on consignment, whether such person or persons are characterized as a board of trade, exchange or other form of marketplace.
(2) ‘Commodity’ means, except as otherwise specified by the director by rule, all goods, articles, products, foreign currency or items of any kind. ‘Commodity’ does not include real property or any timber, agricultural or livestock product grown or raised on real property and offered or sold by the owner or lessee of such real property.
(3) ‘Commodity contract‘:
(a) Means any account, agreement or contract for the purchase or sale of one or more commodities, however characterized, which is primarily for speculation or investment purposes and not for use or consumption by the offeree or purchaser or between persons engaged in producing, processing, using commercially or handling as merchants the commodity or any by-product thereof. Any contract for one or more commodities offered or sold shall, in the absence of evidence to the contrary, be presumed to be offered or sold for speculation or investment purposes; and
(b) Does not include any contract or agreement which requires, and under which the purchaser receives within 28 days of payment of any portion of the purchase price, physical delivery of the total amount of each commodity to be purchased under the contract or agreement.
(4) ‘Commodity merchant’ means any person, other than a futures association, required to register with the Commodity Futures Trading Commission.
(5) ‘Commodity option’:
(a) Means any account, agreement or contract giving a party thereto the right but not the obligation to purchase or sell one or more commodities or one or more commodity contracts, whether characterized as an option, privilege, indemnity, bid, offer, put, call, advance guaranty, decline guaranty or otherwise; and
(b) Does not include an option traded on a national securities exchange registered with the federal Securities and Exchange Commission.
(6) ‘Director’ means the Director of the Department of Consumer and Business Services or an agent or employee authorized to act on the director’s behalf.
(7) ‘Financial institution’ means an insured institution or trust company as those terms are defined in ORS § 706.008.
(8) ‘Fraud,’ ‘deceit’ and ‘defraud’ are not limited to common-law deceit.
(9) ‘Offer’ includes every offer to sell, offer to purchase or offer to enter into a commodity contract or commodity option.
(10) ‘Person’ includes an individual, a joint venture, a partnership, a cooperative, an association, a joint stock company, a corporation, a trust, an unincorporated organization, a government or a political subdivision of a government.
(11) ‘Sale’ or ‘sell’ includes every sale, contract of sale, contract to sell or disposition for value. [1987 c.148 § 3; 1993 c.744 § 15; 1997 c.631 § 506]