Any contract of sale for future delivery of cotton, grain, stocks or other commodities when it is not the bona fide intention of parties that the things mentioned therein are to be delivered but which is to be settled according to or upon the basis of the public market quotations or prices made on any board of trade, exchange or other similar institution, without any actual bona fide execution and the carrying out of such contract upon the floor of such exchange, board of trade or similar institution, in accordance with the rules thereof, shall be null and void and unenforceable in any court of this State and no action shall be maintainable thereon at the suit of any party.
HISTORY: 1962 Code Section 11-62; 1952 Code Section 11-62; 1942 Code Section 6315; 1932 Code Section 6315; 1928 (35) 1321.
Structure South Carolina Code of Laws
Title 32 - Contracts and Agents
Chapter 1 - Gambling And Future Contracts
Section 32-1-10. Suit by loser at cards or other game for recovery of losses.
Section 32-1-20. Suit by person other than loser for recovery of losses.
Section 32-1-30. Orders for discovery.
Section 32-1-40. Notes or other securities or conveyances given to secure wagers.
Section 32-1-50. Mortgages or other conveyances of land given to secure wagers.
Section 32-1-60. Application of statutes to gambling activities not authorized by law.
Section 32-1-210. Definitions.
Section 32-1-220. Contracts when actual delivery not contemplated.
Section 32-1-230. Establishment of local exchanges, boards of trade or similar institutions.
Section 32-1-240. Contracts of sale for future delivery.
Section 32-1-250. Bona fide hedging contracts.
Section 32-1-270. Statements to be furnished by agents; effect of failure to furnish.