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

§ 15-562. Contract of sale valid, when

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.