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ROBERT L. EHRLICH, JR., Governor S.B. 580
qualified financial contracts in a certain manner; providing that the rights of
counterparties under certain provisions of law apply to certain netting
agreements and qualified financial contracts; providing for the application of
this Act; defining certain terms; and generally relating to delinquency
proceedings against insolvent insurers.
BY adding to
Article - Insurance
Section 9-229.1
Annotated Code of Maryland
(2003 Replacement Volume and 2004 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Insurance
9-229.1.
(A) (1) IN THIS SECTION THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.
(2) "COMMODITY CONTRACT" MEANS:
(I) A CONTRACT FOR THE PURCHASE OR SALE OF A COMMODITY
FOR FUTURE DELIVERY ON, OR SUBJECT TO THE RULES OF, A BOARD OF TRADE
DESIGNATED AS A CONTRACT MARKET BY THE COMMODITY FUTURES TRADING
COMMISSION UNDER THE FEDERAL COMMODITY EXCHANGE ACT OR BOARD OF
TRADE OUTSIDE THE UNITED STATES;
(II) AN AGREEMENT THAT IS:
1. SUBJECT TO REGULATION UNDER § 19 OF THE FEDERAL
COMMODITY EXCHANGE ACT; AND
2. COMMONLY KNOWN TO THE COMMODITIES TRADE AS A
MARGIN ACCOUNT, MARGIN CONTRACT, LEVERAGE ACCOUNT, OR LEVERAGE
CONTRACT; OR
(III) AN AGREEMENT OR TRANSACTION THAT IS:
1. SUBJECT TO REGULATION UNDER § 4C(B) OF THE
FEDERAL COMMODITY EXCHANGE ACT; AND
2. COMMONLY KNOWN TO THE COMMODITIES TRADE AS A
COMMODITY OPTION.
(3) "CONTRACTUAL RIGHT" MEANS ANY RIGHT, WHETHER OR NOT
EVIDENCED IN WRITING, ARISING UNDER:
(I) STATUTORY LAW, COMMON LAW, OR LAW MERCHANT;
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