Okla. Stat. tit. 15, § 15-562
This is the official text of Okla. Stat. tit. 15, § 15-562, part of Oklahoma’s Stat. tit. 15, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 15,." Browse the sections below, each linked to its official government source.
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Contract of sale valid, when
Official statutory text
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.
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.
Status: in_force · Read it on the official government site
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