15 U.S.C. § 431 — Definitions

submitted 99 years ago by ch. 508 to r/title-15-COMMERCE-AND-TRADE · 431 words · no verdicts yet

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This section defines key terms used throughout this chapter about agricultural product markets. It defines "agricultural products," "board of trade," "interstate commerce," and "person." It also says an agent's actions count as the actions of the business the agent works for.

This section defines the terms used in this chapter. (a) "Agricultural products" means farm, garden, vineyard, and dairy products; food products from livestock; products from raising poultry and bees; edible forestry products; and any product raised or produced on farms, whether raw or processed, that is shipped or meant to be shipped in interstate or foreign trade. (b) "Board of trade" means any exchange or association — whether incorporated or not — made up of people in the business of buying or selling agricultural products, or of receiving them for sale on consignment. This does not include markets designated as "contract markets" under the Grain Futures Act. (c) "Interstate commerce" means trade between any state, territory, possession, or the District of Columbia and anywhere outside it, or trade between two points in the same state, territory, possession, or the District of Columbia that passes through somewhere else, or through any territory or possession, or the District of Columbia. (d) For this chapter, a transaction involving any article counts as interstate commerce if the article is part of the normal flow of trade in agricultural products — meaning it is sent from one state expecting to finally arrive, after being bought, in another state. This includes cases where the item is bought or sold either to be shipped to another state, or to be manufactured within the state with the resulting product then shipped out of the state. An article that is normally part of this flow of trade does not stop counting as part of it just because someone uses some method or device meant to take the transaction out of this chapter's coverage. Here, "state" includes a territory, the District of Columbia, a U.S. possession, or a foreign country. (e) "Person" can mean one person or several, and includes individuals, associations, partnerships, corporations, and trusts. (f) If an official, agent, or other person acts, fails to act, or omits something while working within the scope of their job or office for an individual, association, partnership, corporation, or trust, that action, failure, or omission is treated as if the individual, association, partnership, corporation, or trust itself did it — as well as the official, agent, or person who actually did it.

the actual law source: uscode.house.gov ↗public domain

When used in this chapter (a) the term “agricultural products”, means agricultural, horticultural, viticultural, and dairy products, food products of livestock, the products of poultry and bee raising, the edible products of forestry, and any and all products raised or produced on farms and processed or manufactured products thereof, transported or intended to be transported in interstate and/or foreign commerce.

(b)

The words “board of trade” shall be held to include and mean any exchange or association, whether incorporated or unincorporated, of persons who shall be engaged in the business of buying or selling agricultural products or receiving the same for sale on consignment, except markets designated as contract markets under the Grain Futures Act 1 [7 U.S.C. 1 et seq.].

(c)

The words “interstate commerce” shall be construed to mean commerce between any State, Territory, or possession, or the District of Columbia, and any place outside thereof; or between points within the same State, Territory, or possession, or the District of Columbia, but through any place outside thereof, or within any Territory or possession, or the District of Columbia.

(d)

For the purposes of this chapter (but not in any wise limiting the foregoing definition of interstate commerce) a transaction in respect to any article shall be considered to be in interstate commerce if such article is part of that current of commerce usual in dealing in agricultural products whereby they are sent from one State with the expectation that they will end their transit, after purchase, in another, including, in addition to cases within the above general description, all cases where purchase or sale is either for shipment to another State or for manufacture within the State and the shipment outside the State of the products resulting from such manufacture. Articles normally in such current of commerce shall not be considered out of such commerce through resort being had to any means or device intended to remove transactions in respect thereto from the provisions of this chapter. For the purpose of this paragraph the word “State” includes Territory, the District of Columbia, possession of the United States, and foreign nation.

(e)

The word “person” shall be construed to import the plural or singular, and shall include individuals, associations, partnerships, corporations, and trusts.

(f)

The act, omission, or failure of any official, agent, or other person acting for any individual, association, partnership, corporation, or trust, within the scope of his employment or office, shall be deemed the act, omission, or failure of such individual, association, partnership, corporation, or trust, as well as of such official, agent, or other person.

Source credit: (Mar. 4, 1927, ch. 508, § 1, 44 Stat. 1423.)

history & why it existsrecord from the source credit

1927Enacted · Act of Mar. 4, 1927, ch. 508 · 44 Stat. 1423

A history note hasn’t been published yet. The record shows enactment by ch. 508 on 1927-03-04.

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