The National Agricultural Law Center
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Commercial Transactions


Overview

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
Center published Federal Register Digest

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

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


Additional Resources
Commercial Transactions Posts (United States Agricultural & Food Law and Policy 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
Reports on the State of Agricultural Commodity Markets (FAO)
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, TX Ag. Ext. Service, 1998)
Twelve Basic Rules of Contracting (Harl, 1995)
A Legal Guide for Wisconsin Farmers (1988)
Options Trading in Agricultural Commodities (Erickson & Hurt, IN Ext., 1985)


Non-Legal Recommended Readings and Publications (not freely available electronically):
Merchant's Edge: A Complete Guide to Grain Merchandising (Lorton & White)



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