As used in this chapter, 'commodity option' means an account, an agreement, or a contract giving a party to the account, agreement, or contract the right but not the obligation to purchase or sell:(1) at least one (1) commodity; or(2) at least one (1) commodity contract;whether characterized as an option, privilege, indemnity, bid, offer, put, call, advance guaranty, decline guaranty, or otherwise. However, the term does not include an option traded on a national securities exchange that is registered with the Securities and Exchange Commission.As added by P.L.177-1991, SEC.10.
Indiana Legal Code