§15-562. Contract of sale valid, when.

230 words·~1 min read·/ok/title-15-contracts/15-562

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

All contracts of sales for future delivery of cotton, grain, stocks or other commodities

(1)made in accordance with the rules of any board of trade, exchange or similar institution where such contracts of sale are executed and

(2)actually executed on the floor of such board of trade, exchange or similar institution and performed or discharged according to the rules thereof; and

(3)when such contracts of sale are placed with or through a regular member in good standing of a cotton exchange, grain exchange, board of trade or similar institution organized under the laws of the State of Oklahoma or any other state shall be, and they are hereby declared to be valid and enforceable in the courts of this state according to their terms. Provided, that contracts of sale for future delivery of cotton in order to be valid and enforceable as provided herein must not only conform to the requirements of clauses

(1)and

(2)of this section, but must also be made subject to the provisions of the United States Cotton Futures act, approved August 11th, 1916; provided further, that if this clause should for any reason be held inoperative then contracts for the future delivery of cotton shall be valid and enforceable if they conform to the requirements of clauses one and two of this section. Laws 1917, c. 97, p. 146, § 2.