Title 15Commerce and TradeRelease 119-73

§431 Definitions

Title 15 › Chapter CHAPTER 12— - DISCRIMINATION AGAINST FARMERS’ COOPERATIVE ASSOCIATIONS BY BOARDS OF TRADE › § 431

Last updated Apr 6, 2026|Official source

Summary

Defines key words used in this chapter. "Agricultural products" means crops and farm goods like fruits, vegetables, grapes, dairy, meat and other livestock food products, poultry and bee products, edible forest products, and any farm-made or processed versions of those goods that are moved or meant to be moved between states or to other countries. "Board of trade" means any exchange or group, incorporated or not, whose members buy, sell, or take farm goods for sale on consignment, except markets called contract markets under the Grain Futures Act. "Interstate commerce" means trade that crosses state lines or goes through places outside a State, Territory, possession, or the District of Columbia. For this chapter, a sale counts as interstate commerce when an item is part of the usual flow of farm goods sent from one State with the expectation they will end up in another. That includes sales for shipment to another State or for making things in the State whose products will be shipped out. Goods normally in that flow cannot be removed from interstate commerce by using tricks to avoid the law. "Person" can mean one or many and covers individuals, groups, partnerships, companies, and trusts. Acts or failures of an official or agent acting within their job are treated as acts or failures of the person or entity they work for. For the rule about the flow of goods, "State" also covers Territories, the District of Columbia, U.S. possessions, and foreign nations.

Full Legal Text

Title 15, §431

Commerce and Trade — Source: USLM XML via OLRC

When used in this chapter (a) the term “agricultural products”, means agricultural, horticultural, viticultural, and dairy products, food products of livestock, the products of poultry and bee raising, the edible products of forestry, and any and all products raised or produced on farms and processed or manufactured products thereof, transported or intended to be transported in interstate and/or foreign commerce.
(b)The words “board of trade” shall be held to include and mean any exchange or association, whether incorporated or unincorporated, of persons who shall be engaged in the business of buying or selling agricultural products or receiving the same for sale on consignment, except markets designated as contract markets under the Grain Futures Act 11 See References in Text note below. [7 U.S.C. 1 et seq.].
(c)The words “interstate commerce” shall be construed to mean commerce between any State, Territory, or possession, or the District of Columbia, and any place outside thereof; or between points within the same State, Territory, or possession, or the District of Columbia, but through any place outside thereof, or within any Territory or possession, or the District of Columbia.
(d)For the purposes of this chapter (but not in any wise limiting the foregoing definition of interstate commerce) a transaction in respect to any article shall be considered to be in interstate commerce if such article is part of that current of commerce usual in dealing in agricultural products whereby they are sent from one State with the expectation that they will end their transit, after purchase, in another, including, in addition to cases within the above general description, all cases where purchase or sale is either for shipment to another State or for manufacture within the State and the shipment outside the State of the products resulting from such manufacture. Articles normally in such current of commerce shall not be considered out of such commerce through resort being had to any means or device intended to remove transactions in respect thereto from the provisions of this chapter. For the purpose of this paragraph the word “State” includes Territory, the District of Columbia, possession of the United States, and foreign nation.
(e)The word “person” shall be construed to import the plural or singular, and shall include individuals, associations, partnerships, corporations, and trusts.
(f)The act, omission, or failure of any official, agent, or other person acting for any individual, association, partnership, corporation, or trust, within the scope of his employment or office, shall be deemed the act, omission, or failure of such individual, association, partnership, corporation, or trust, as well as of such official, agent, or other person.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

References in Text

The Grain Futures Act, referred to in subsec. (b), was act Sept. 21, 1922, ch. 369, 42 Stat. 998. The Act was renamed the Commodity Exchange Act by act June 15, 1936, ch. 545, § 1, 49 Stat. 1491, and is classified generally to chapter 1 (§ 1 et seq.) of Title 7, Agriculture. For complete classification of this Act to the Code, see section 1 of Title 7 and Tables.

Reference

Citations & Metadata

Citation

15 U.S.C. § 431

Title 15Commerce and Trade

Last Updated

Apr 6, 2026

Release point: 119-73