USCA4 Appeal: 25-1892
Doc: 16
Filed: 10/15/2025
Pg: 90 of 97
contracts, agreements, trades or transactions are dealt in, and without a bona fide transaction on such board of trade or exchange .” Kan. Rev. Stat. Ann., ch. 50, § 122 (1923) (citing Kan. L., ch. 121 § 2 (1909)). M AINE x Outlawing bucket shops, which are defined, in relevant part, “to be [ ] office[s], store[s], or other place[s] wherein the proprietor or keeper thereof … conducts the business of making, or offering to make, contracts, agreements, trades, or transactions respecting the purchase or sale of any [ ], grain, provisions, or other commodity … wherein both parties thereto, or said proprietor or keeper, contemplate or intend that such contracts, agreements, trades, or transactions shall be, or may be closed, adjusted, or settled according to, or upon the basis of, the public market quotations of prices made on any board of trade or exchange, upon which the commodities … referred to in such contracts, agreements, trades, or transactions are dealt in, and without a bona fide transaction on such board of trade or exchange .” Me. Rev. Stat., ch. 136, §§ 14-15 (1930). M ASSACHUSETTS x Outlawing bucket shops, which are defined to include places where “[t]he making of, or offering to make, any contract respecting the purchase or sale … of any … commodities, wherein both parties thereto intend, or such keeper intends, that such contract shall be, or may be, terminated, closed or settled according to, or upon the basis of, the public market quotations of prices made on any board of trade or exchange upon which said … commodities are dealt in, and without a bona fide purchase or sale of the same ” takes place. Mass. Gen. L., ch. 271, §§ 35-36 (1921). M ICHIGAN x Outlawing bucket shops, which are defined, in relevant part, “to be [ ] office[s], store[s] or other place[s] wherein the proprietor or keeper thereof … conducts the business of making or offering to make contracts, agreements, trades or transactions respecting the purchase or sale, or purchase and sale of any [ ] grains, provisions or other commodity … wherein both parties thereto, or said proprietor or
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