Terms Used In South Carolina Code > Title 39 > Chapter 73 > Article 1 - Commodity Transactions

• Administrator: means the South Carolina Secretary of State. See South Carolina Code 39-73-10
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Board of Trade: means a person or group of persons engaged in buying or selling a commodity or receiving it for sale on consignment, whether the person or group of persons is characterized as a board of trade, exchange, or other form of marketplace. See South Carolina Code 39-73-10
• CFTC Rule: means a rule, regulation, or order of the Commodity Futures Trading Commission in effect on the effective date of this chapter and their amendments unless the administrator, within ten days following the effective date of an amendment disallows its application to this chapter by regulation. See South Carolina Code 39-73-10
• Commodity: means , except as otherwise specified by the administrator, an agricultural, a grain, or a livestock product or by-product, a metal or mineral, including a precious metal, a gem, or gemstone whether characterized as precious, semi-precious, or otherwise, a fuel whether liquid, gaseous, or otherwise, a foreign currency, and other goods, articles, products, or items. See South Carolina Code 39-73-10
• Commodity Contract: means an account, an agreement, or a 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 South Carolina Code 39-73-10
• Commodity Exchange Act: means the act of Congress known as the Commodity Exchange Act, as amended, unless the administrator within ten days following the effective date of an amendment, disallows the application to this chapter by regulation. See South Carolina Code 39-73-10
• Commodity Futures Trading Commission: means the independent regulatory agency established by Congress to administer the Commodity Exchange Act. See South Carolina Code 39-73-10
• Commodity merchant: means any of the following as defined or described in the Commodity Exchange Act or by CFTC Rule:
  
  (a) futures commission merchant;
  
  (b) commodity pool operator;
  
  (c) commodity trading advisor;
  
  (d) introducing broker;
  
  (e) leverage transaction merchant;
  
  (f) an associated person of item (a), (b), (c), (d), or (e);
  
  (g) floor broker;
  
  (h) other person, other than a futures association, required to register with the Commodity Futures Trading Commission. See South Carolina Code 39-73-10
• Commodity option: means an account, an agreement, or a contract giving a party the right but not the obligation to purchase or sell one or more commodities or one or more commodity contracts, or all of the foregoing, whether characterized as an option, privilege, indemnity, bid, offer, put, call, advance guaranty, decline guaranty, or otherwise. See South Carolina Code 39-73-10
• 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.
• 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.
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Financial institution: means a bank, savings institution, or trust company organized under, or supervised pursuant to the laws of the United States or its states. See South Carolina Code 39-73-10
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Fraud: Intentional deception resulting in injury to another.
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• 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 South Carolina Code 39-73-10
• 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: 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. See South Carolina Code 39-73-10
• Precious metal: means the following in either coin, bullion, or other form:
  
  (a) silver;
  
  (b) gold;
  
  (c) platinum;
  
  (d) palladium;
  
  (e) copper;
  
  (f) other items the administrator may specify by regulation. See South Carolina Code 39-73-10
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• 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 South Carolina Code 39-73-10