2012 South Carolina Code of Laws
Title 32 - Contracts and Agents
Chapter 1 - GAMBLING AND FUTURE CONTRACTS
Section 32-1-210 - Definitions.

For the purpose of this article:

(1) The term "contract for sale" shall be held to include sales, purchases, agreements of sale, agreements to sell and agreements to purchase; and

(2) A "bucket shop" is hereby defined to be any place of business wherein are made contracts of the sort or character denounced by Section 32-1-220.

HISTORY: 1962 Code Section 11-61; 1952 Code Section 11-61; 1942 Code Sections 6313, 6316; 1932 Code Sections 6313, 6316; 1928 (35) 1321.

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.