LD 2245
pg. 24
Page 23 of 493 An Act to Adopt the Model Revised Article 9 Secured Transactions Page 25 of 493
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LR 1087
Item 1

 
(15)__"Commodity contract" means a commodity futures contract,
an option on a commodity futures contract, a commodity option or
another contract if the contract or option is:

 
(a)__Traded on or subject to the rules of a board of trade
that has been designated as a contract market for such a
contract pursuant to federal commodities laws; or

 
(b)__Traded on a foreign commodity board of trade, exchange
or market and is carried on the books of a commodity
intermediary for a commodity customer.

 
(16)__"Commodity customer" means a person for which a
commodity intermediary carries a commodity contract on its books.

 
(17)__"Commodity intermediary" means a person that:

 
(a)__Is registered as a futures commission merchant under
federal commodities law; or

 
(b)__In the ordinary course of its business provides
clearance or settlement services for a board of trade that
has been designated as a contract market pursuant to federal
commodities law.

 
(18)__"Communicate" means:

 
(a)__To send a written or other tangible record;

 
(b)__To transmit a record by any means agreed upon by the
persons sending and receiving the record; or

 
(c)__In the case of transmission of a record to or by a
filing office, to transmit a record by any means prescribed
by filing-office rule.

 
(19)__"Consignee" means a merchant to which goods are
delivered in a consignment.

 
(20)__"Consignment" means a transaction, regardless of its
form, in which a person delivers goods to a merchant for the
purpose of sale and:

 
(a)__The merchant:

 
(i)__Deals in goods of that kind under a name other
than the name of the person making delivery;

 
(ii)__Is not an auctioneer; and


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