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23-2-6-6. "Commodity contract" defined

IN Code § 23-2-6-6 (2019) (N/A)
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Sec. 6. As used in this chapter, "commodity contract" means an account, an agreement, or a contract that:

(1) is for the purchase or sale of at least one (1) commodity;

(2) is primarily for speculation or investment purposes; and

(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.

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