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Can you summarize 87 MSCO Chapter 1?
Contracts and Contractual Relations > Gambling and Future Contracts
Short Summary
The legal documents reviewed pertain to contracts, judgments, securities, and conveyances involving money or valuable things won, lost, or bet on games, sports, wagers, or other activities. They declare such contracts, judgments, securities, and conveyances void and unenforceable. The documents also cover the reimbursement or repayment of money knowingly lent or advanced for gaming or gambling purposes. Additionally, the documents govern the recovery of money, property, or valuable things lost through various forms of betting, gaming, or wagering. They allow individuals who have lost such items to sue and recover them from the person who knowingly received them. However, there are exemptions to this provision, including betting, gaming, or wagering on cruise vessels, certain structures in designated counties, and vessels on the Mississippi River or navigable waters in bordering counties, as well as betting, gaming, or wagering that is legal under Mississippi laws. The documents also regulate contracts of sale for future delivery of cotton, grain, stock, or other commodities. They validate such contracts made in accordance with the rules of any board of trade, exchange, or similar institution, and executed on the floor of such institutions. The contracts must be made with or through a regular member of a cotton exchange, grain exchange, or similar institution. The intent of actual delivery and receipt of the specified commodity is not necessary for the contracts to be valid and enforceable. The documents also address the operation of bucket shops, which are prohibited, and the buying or selling of futures contracts, which is considered a misdemeanor offense. Specific penalties are outlined for non-compliance or violation of the provisions in these documents.
Whom does it apply to?
Parties involved in contracts, judgments, securities, and conveyances related to gambling and future contracts; individuals who have lost money, property, or valuable things through betting, gaming, or wagering; members of cotton exchanges, grain exchanges, boards of trade, or similar institutions; persons who knowingly enter into or assist in making prohibited contracts for future delivery; persons who maintain or operate bucket shops; persons who buy or sell futures contracts
What does it govern?
Contracts, judgments, securities, and conveyances involving money or valuable things won, lost, or bet on games, sports, wagers, or other activities; reimbursement or repayment of money lent or advanced for gaming or gambling purposes; recovery of money, property, or valuable things lost through betting, gaming, or wagering; contracts of sale for future delivery of cotton, grain, stock, or other commodities; renting or leasing of office or place of business for prohibited contracts; operation of bucket shops; buying or selling of futures contracts
What are exemptions?
Betting, gaming, or wagering on cruise vessels in specified waters within Mississippi; betting, gaming, or wagering in certain structures located in designated counties; betting, gaming, or wagering on vessels on the Mississippi River or navigable waters in bordering counties; betting, gaming, or wagering that is legal under the laws of Mississippi
What are the Penalties?
For maintaining or operating a bucket shop or engaging in prohibited contracts for future delivery: fine not exceeding $1,000 or imprisonment in the penitentiary for a maximum of 2 years; for second offense, additional fines and imprisonment may be imposed; forfeiture of all rights and privileges for guilty corporations. For renting or leasing office or place of business for prohibited contracts: misdemeanor offense, punishment as provided by law. For buying or selling futures contracts: fine of minimum $50 and maximum $500, imprisonment in county jail for a period not exceeding 3 months.
Jurisdiction
Mississippi