8-1705. Commodity, defined.

157 words·~1 min read·/ne/chapter-8/8-1705

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Commodity shall mean, except as otherwise specified by the director by rule, regulation, or order:

(a)Any agricultural, grain, or livestock product or byproduct;

(b)Any metal or mineral, including a precious metal;

(c)Any gem or gemstone, whether characterized as precious, semi-precious, or otherwise;

(d)Any fuel, whether liquid, gaseous, or otherwise;

(e)Any foreign currency; and

(f)All other goods, articles, products, or items of any kind.

(2)Commodity shall not include:

(a)A numismatic coin, the fair market value of which is at least fifteen percent higher than the value of the metal it contains;

(b)Real property or any timber, agricultural, or livestock product grown or raised on real property and offered or sold by the owner or lessee of such real property; or

(c)Any work of art offered or sold by art dealers at public auction or offered or sold through a private sale by the owner of such work.