15 U.S.C. § 68g — Guaranty

submitted 86 years ago by ch. 871 to r/title-15-COMMERCE-AND-TRADE · 231 words · no verdicts yet

in plain englishAI-generated · not legal advice

A person isn't guilty of misbranding if they got a good-faith written guarantee from the U.S.-based maker or supplier saying the wool product isn't misbranded. But giving a false guarantee, when you have reason to believe the wrongly-guaranteed product will move through commerce, is itself an unfair trade practice, unless you were relying in good faith on someone else's guarantee.

(a) Avoidance of liability; requirements: A person isn't guilty under section 68a if they can produce a guaranty — received in good faith, signed by, and showing the name and address of the U.S.-resident person who manufactured or supplied the wool product — stating the product isn't misbranded under this subchapter. This guaranty can take one of two forms: a separate guaranty naming the specific wool product, which can appear on the invoice or another related paper; or a continuing guaranty filed with the Commission, in whatever form the Commission prescribes by rule, covering all wool products the guarantor handles. (b) Furnishing false guaranty: Anyone who furnishes a false guaranty, with reason to believe the falsely-guaranteed wool product may be introduced, sold, transported, or distributed in commerce, is guilty of an unfair method of competition and an unfair and deceptive act or practice under the Federal Trade Commission Act. This doesn't apply to someone who is instead relying in good faith on a matching guaranty they received from a U.S.-resident manufacturer or supplier.

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

(a) Avoidance of liability; requirements

No person shall be guilty under section 68a of this title if he establishes a guaranty received in good faith signed by and containing the name and address of the person residing in the United States by whom the wool product guaranteed was manufactured and/or from whom it was received, that said wool product is not misbranded under the provisions of this subchapter.

Said guaranty shall be either (1) a separate guaranty specifically designating the wool product guaranteed, in which case it may be on the invoice or other paper relating to said wool product; or (2) a continuing guaranty filed with the Commission applicable to all wool products handled by a guarantor in such form as the Commission by rules and regulations may prescribe.

(b) Furnishing false guaranty

Any person who furnishes a false guaranty, except a person relying upon a guaranty to the same effect received in good faith signed by and containing the name and address of the person residing in the United States by whom the wool product guaranteed was manufactured and/or from whom it was received, with reason to believe the wool product falsely guaranteed may be introduced, sold, transported, or distributed in commerce, is guilty of an unfair method of competition, and an unfair and deceptive act or practice, in commerce within the meaning of the Federal Trade Commission Act.

Source credit: (Oct. 14, 1940, ch. 871, § 9, 54 Stat. 1132.)

history & why it existsrecord from the source credit

1940Enacted · Act of Oct. 14, 1940, ch. 871 · 54 Stat. 1132

A history note hasn’t been published yet. The record shows enactment by ch. 871 on 1940-10-14.

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