Commodity Law and Legal Definition
Commodity is an article of trade or commerce especially an agricultural or mining product that can be processed and resold. It includes only tangible goods such as products or merchandise. It could also mean an economic good like a raw material or an agricultural product.
Example of a state statutes (California) defining Commodity.
Cal Food & Agr Code § 59504. "Commodity"
"Commodity" means any horticultural, viticultural, or vegetable product of the soil, aquacultural, livestock and livestock products, and poultry and poultry products. It does not, however, include milk or milk products.
Cal Corp Code § 29504 defines Commodity as follows:
"Commodity" means, except as otherwise specified by the commissioner by rule or order, any agricultural, grain, or livestock product or byproduct, any metal or mineral (including a precious metal set forth in Section 29515), any gem or gemstone (whether characterized as precious, semiprecious, or otherwise), any fuel (whether liquid, gaseous, or otherwise), any foreign currency, and all other goods, articles, products, or items of any kind. However, the term "commodity" shall not include (a) a numismatic coin whose fair market value is at least 15 percent higher than the value of the metal it contains, or (b) any work of art offered or sold by art dealers, at public auction, or through a private sale by the owner of the work of art.
Legal Definition list
Related Legal Terms
- Affiliate of a Futures Commission Merchant, Commodity Trading Advisor, Commodity Pool Operator or Introducing Broker
- Agricultural Commodity
- Agricultural Commodity Cooperator
- Agricultural Commodity Producer
- Bulk Agricultural Commodity
- Carry-over of Nonbasic Agricultural Commodity
- Commercial Commodity
- Commodity Account
- Commodity Broker (Bankruptcy)
- Commodity Contract