(815 ILCS 5/2.27) (from Ch. 121 1/2, par. 137.2-27)
Sec. 2.27.
Mineral deferred delivery contract.
"Mineral deferred
delivery contract" means any account, agreement, or contract for the
purchase or sale, primarily for speculation or investment purposes and not
for the use or consumption by the offeree or purchaser, of a metal or
mineral, whether for immediate or subsequent delivery, and whether
characterized as a cash contract, deferred shipment contract, installment
contract, or otherwise. Any mineral deferred delivery contract offered or
sold, in the absence of evidence to the contrary, is presumed to be offered
or sold for speculation or investment purposes. A mineral deferred
delivery contract does not include any of the following:
(1) Any contract or agreement that requires, and in |
| which the purchaser receives, within 28 calendar days after the payment in good funds of any portion of the purchase price, physical delivery of the metal or mineral to be purchased under the contract or agreement.
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(2) Any contract or agreement for the sale or
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| purchase of a metal or mineral between merchants.
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Nothing herein shall affect the jurisdiction or authority of the
Commodity Futures Trading Commission under the Federal 1936 Act or the
application of any provision thereof or regulation thereunder to any person
or transaction subject thereto. The Secretary of State may, for the
purposes of this Section, by rules and regulations, define (i) the means
that constitute "physical delivery" of a metal or mineral and (ii) the term
"between merchants".
(Source: P.A. 87-463.)
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