Commercial Transactions

 

 

Overviewcontentphoto_commercial

Modern agriculture is dominated by complex commercial transactions that are often highly regulated and involve legal issues unique to agriculture. These transactions are primarily governed by state law, which is subject to the vagaries of each state’s legislature and subsequent judicial interpretation. Agricultural transactions cover many areas of commercial law including the sale of goods, leasing, contract law, secured transactions, and commodity futures trading. In order to provide the business community with some certainty in transactions and to facilitate complex transactions that may cross state boundaries, most jurisdictions have adopted the Uniform Commercial Code (UCC), with only minor variations between different states, to govern the majority of commercial transactions. This overview focuses primarily on agricultural commercial transactions relating to the sale and leasing of goods associated with agriculture. Agricultural production contracts are often viewed as contracts for personal services. Read the full overview

 

Note: Recently added resources are posted at the top of the applicable sections.



Major Statutes

Uniform Commercial Code

Commodity Exchange Act, 7 U.S.C. §§ 1-27f

Updated Compilation of States’ Statutory Agricultural Lien Charts



Regulations

Commodity Futures Trading Commission Regulations (CFTC), 17 C.F.R. pts. 1-190

Federal Register Rules Open for Comment



Case Law

Case Law Index for Commercial Transactions



Administrative Law Decisions

CFTC Opinions and Adjudicatory Orders

CFTC Enforcement Orders and Complaints

CFTC Letters



Center Research Publications

State Level Overview of Laws Addressing the Regulation of Grain Sales and Storage (Rumley & Fritts, 2014)

Legal and Business Guide for Specialty Crop Producers (National AgLaw Center & U. AR Division of Agriculture)

Updated Statutory Agricultural Lien Charts (Springsteen & Fiser, 2009)

Forms and Filing Information: U.C.C. Filings (Springsteen, 2009)

States’ Alternative Dispute Resolution (ADR) Statutes (Rumley, 2009)

2005 Commercial Law Update (Meyer, 2006)

Hedge to Arrive Contracts: Futures or Forwards (Gokhalé, 2005)

Commercial Laws in the United States Relating to Bailments (Kershen, 2004)



Congressional Research Service Reports

CRS Subject(s):

Commodities



Agricultural Law Bibliography

Introduction   |   Keyword Search   |   Browse Categories

Legal publications on Commercial Transactions:

Commodities Futures
Finance and Credit
Land Sales/Real Estate Finance, Mortgages/Foreclosures
Livestock and Packers & Stockyards
Uniform Commercial Code



Reference Resources


Other Federal Resources

Commodity Futures Trading Commission

Industry Oversight
Law and Regulation
Market Data and Analysis
Forms and Submissions


Additional Resources

Commercial Transactions Posts (Ag & Food Law Blog)

Commercial Law: An Overview (Cornell Legal Information Institute)

A Short Course Introducing Commodity Markets and Futures Trading

Agricultural Commodities and Futures (Risk Management Series, MO Ext.)


Publications

Selling Food at Farmers Markets (Kansas State University Ext. Service, 2018)

Blockchain for Agriculture and Food (Ge, Brewster, Spek, Smeenk, Top, 2017)

Protecting Farmers in Emerging Markets with Blockchain (Haveson, Lau, Wong, 2017)

Introduction to Heging Agricultural Commodities with Futures (Parcell, Pierce)

Update on the Use of Sec. 1031 and Sec. 1033 Like Kind Exchanges in Agricuture (Rattikin, 2017)

Are Food Brokers Right for You? (Brooks, Oklahoma State University Ext. Services, 2016)

CFPB Overview – What Every Attorney Needs to Know (Beeville, 2016)

Risk Management for Ag Producers (Skaggs, 2016)

Commodity Futures Contracts for Ag Lawyers (Bolotin, 2016)

Update on the Use of Sec. 1031 and Sec. 1033 Like Kind Exchanges in Agricuture (Rattikin, 2017)

Reports on the State of Agricultural Commodity Markets (FAO)

A Garden Variety of UCC Issues Dealing with Agriculture (Meyer, 2010)

The UCC and Food (Weise, Business Law Today, 2009)

A Selected Review of Agricultural Commodity Futures and Options Markets (Garcia and Leuthold, 2004)

Legal Issues Involving Cash Forward Grain Contracts (McEowen, Texas Agricultural Ext. Service, 1999)

Personal Liability for Corporate Debts: The Reach of the Perishable Agricultural Commodities Act Continues to Expand (Botta, 1997)

Options Trading in Agricultural Commodities (Erickson & Hurt, IN Ext., 1985)

Recommended Readings and Publications (not freely available electronically):

Merchant’s Edge: A Complete Guide to Grain Merchandising (Lorton & White)