---
kind: "section"
citation: "15 U.S.C. § 431"
title: "15"
title_heading: "Commerce and Trade"
number: "431"
heading: "Definitions"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/15/431"
units:
  - "Chapter 12 — Discrimination Against Farmers’ Cooperative Associations by Boards of Trade"
---

# §431. Definitions


When used in this chapter (a) the term “agricultural products”, means agricultural, horticultural, viticultural, and dairy products, [food](/usc/15/55.md?p=b) products of livestock, the products of poultry and bee raising, the edible products of forestry, and any and all products raised or produced on farms and processed or manufactured products thereof, transported or intended to be transported in interstate and/or foreign commerce.

- (b) The words “board of trade” shall be held to include and mean any exchange or association, whether incorporated or unincorporated, of [persons](/usc/15/7a.md?p=6) who shall be engaged in the business of buying or selling agricultural products or receiving the same for sale on consignment, except markets designated as contract markets under the Grain Futures Act[^1] [[7 U.S.C. 1](/usc/7/1.md) et seq.].
- (c) The words “interstate commerce” shall be construed to mean commerce between any [State](/usc/15/15g.md?p=2), Territory, or possession, or the District of Columbia, and any place outside thereof; or between points within the same [State](/usc/15/15g.md?p=2), Territory, or possession, or the District of Columbia, but through any place outside thereof, or within any Territory or possession, or the District of Columbia.
- (d) For the purposes of this chapter (but not in any wise limiting the foregoing definition of interstate commerce) a transaction in respect to any article shall be considered to be in interstate commerce if such article is part of that current of commerce usual in dealing in agricultural products whereby they are sent from one [State](/usc/15/15g.md?p=2) with the expectation that they will end their transit, after purchase, in another, including, in addition to cases within the above general description, all cases where purchase or sale is either for shipment to another [State](/usc/15/15g.md?p=2) or for manufacture within the [State](/usc/15/15g.md?p=2) and the shipment outside the [State](/usc/15/15g.md?p=2) of the products resulting from such manufacture. Articles normally in such current of commerce shall not be considered out of such commerce through resort being had to any means or [device](/usc/15/55.md?p=d) intended to remove transactions in respect thereto from the provisions of this chapter. For the purpose of this paragraph the word “[State](/usc/15/15g.md?p=2)” includes Territory, the District of Columbia, possession of the United States, and foreign nation.
- (e) The word “[person](/usc/15/7a.md?p=6)” shall be construed to import the plural or singular, and shall include individuals, associations, partnerships, corporations, and trusts.
- (f) The act, omission, or failure of any official, agent, or other [person](/usc/15/7a.md?p=6) acting for any individual, association, partnership, corporation, or trust, within the scope of his employment or office, shall be deemed the act, omission, or failure of such individual, association, partnership, corporation, or trust, as well as of such official, agent, or other [person](/usc/15/7a.md?p=6).

## Footnotes

[^1]: See References in Text note below.

## Source credit

(Mar. 4, 1927, ch. 508, § 1, 44 Stat. 1423.)

## Notes

### Editorial Notes

### References in Text

The Grain Futures Act, referred to in subsec. (b), was act Sept. 21, 1922, ch. 369, 42 Stat. 998. The Act was renamed the Commodity Exchange Act by act June 15, 1936, ch. 545, § 1, 49 Stat. 1491, and is classified generally to chapter 1 (§ 1 et seq.) of Title 7, Agriculture. For complete classification of this Act to the Code, see section 1 of Title 7 and Tables.