| One important effect of including commodity contracts and |
commodity accounts in Article 9 [Maine cite Article 9-A] is to |
provide a clearer legal structure for the analysis of the rights |
of commodity clearing organizations against their participants |
and futures commission merchants against their customers. The |
rules and agreements of commodity clearing organizations |
generally provide that the clearing organization has the right to |
liquidate any participant's positions in order to satisfy |
obligations of the participant to the clearing corporation. |
Similarly, agreements between futures commission merchants and |
their customers generally provide that the futures commission |
merchant has the right to liquidate a customer's positions in |
order to satisfy obligations of the customer to the futures |
commission merchant. |