2000 US Code
Title 7 - AGRICULTURE
CHAPTER 1 - COMMODITY EXCHANGES
Sec. 27f - Contract enforcement
View Metadata| Publication Title | United States Code, 2000 Edition, Title 7 - AGRICULTURE |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 7 - AGRICULTURE CHAPTER 1 - COMMODITY EXCHANGES Sec. 27f - Contract enforcement |
| Contains | section 27f |
| Date | 2000 |
| Laws in Effect as of Date | January 2, 2001 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Pub. L. 106-554, §1(a)(5) [title IV, §408], Dec. 21, 2000, 114 Stat. 2763, 2763A-461. |
| Statutes at Large References | 42 Stat. 998 114 Stat. 2763 |
| Public Law Reference | Public Law 106-554 |
§27f. Contract enforcement (a) Hybrid instruments
No hybrid instrument shall be void, voidable, or unenforceable, and no party to a hybrid instrument shall be entitled to rescind, or recover any payment made with respect to, a hybrid instrument under any provision of Federal or State law, based solely on the failure of the hybrid instrument to satisfy the predominance test set forth in section 27c(b) of this title or to comply with the terms or conditions of an exemption or exclusion from any provision of the Commodity Exchange Act [7 U.S.C. 1 et seq.] or any regulation of the Commodity Futures Trading Commission.
(b) Covered swap agreementsNo covered swap agreement shall be void, voidable, or unenforceable, and no party to a covered swap agreement shall be entitled to rescind, or recover any payment made with respect to, a covered swap agreement under any provision of Federal or State law, based solely on the failure of the covered swap agreement to comply with the terms or conditions of an exemption or exclusion from any provision of the Commodity Exchange Act [7 U.S.C. 1 et seq.] or any regulation of the Commodity Futures Trading Commission.
(c) PreemptionSections 27 to 27f of this title shall supersede and preempt the application of any State or local law that prohibits or regulates gaming or the operation of bucket shops (other than antifraud provisions of general applicability) in the case of—
(1) a hybrid instrument that is predominantly a banking product; or
(2) a covered swap agreement.
(Pub. L. 106–554, §1(a)(5) [title IV, §408], Dec. 21, 2000, 114 Stat. 2763, 2763A–461.)
References in TextThe Commodity Exchange Act, referred to in subsecs. (a) and (b), is act Sept. 21, 1922, ch. 369, 42 Stat. 998, as amended, which is classified generally to this chapter. For complete classification of this Act to the Code, see section 1 of this title and Tables.
CodificationSection was enacted as part of the Legal Certainty for Bank Products Act of 2000, and also as part of the Commodity Futures Modernization Act of 2000, and not as part of the Commodity Exchange Act which comprises this chapter.
Section Referred to in Other SectionsThis section is referred to in sections 1a, 2, 7a–1, 16, 27, 27d of this title; title 15 section 78c.
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