Corner

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Corner

For surveying purposes, the designation given to a particular location formed by the intersection of two boundary lines of real property.

The process by which a group of investors or dealers in a particular commodity exploit its market by purchasing it in large quantities and removing it from general sale for a time, thereby dramatically increasing its market price because its limited supply is greatly exceeded by the demand for it. The condition created when a commitment is made to sell at a special time of delivery in the future, a much greater quantity of a commodity than is available in the present market.

This type of commitment is known as a futures contract. Frequently, neither buyer nor seller expects actual delivery of the goods. They are solely speculating on the difference between the contract price and market price on a particular date. The market price is affected by various economic factors. When a corner is created, the demand for the commodity far exceeds its supply, thereby driving up market prices. On the date of delivery, therefore, the market price will exceed the contract price if no additional quantities can be delivered by persons other than the seller who has "cornered" the market. The buyer must then pay the seller, who had a corner on the specified commodity, the amount by which the market price exceeds the contract price. If, however, additional quantities of the commodity are available in the market, the seller incurs financial losses because the market price will be less than the contract price at which the market was "cornered."

The Commodity Futures Trading Commission is the federal regulatory agency charged with the administration of the Commodity Exchange Act (7 U.S.C.A. § 1 et seq.), which is designed to protect all commodity investors from manipulative practices that hinder the free flow of commerce. Anyone who deliberately exploits the commodities market to create a corner may be prosecuted under federal law for commission of a felony, punishable by a fine of not more than $500,000 or imprisonment of not more than five years, or both, plus the costs of prosecution.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
'Why do you go to the store round the corner?' they asked an old lady.
God was just round the corner Eventually a good few years after Jesus had returned to God the Christians were thinking things through and they expressed their faith in this way.They called Jesus THEWORD of God.
To get his own back off in front he ran, Round the corner found a place to hide in, The one behind saw a senior lady ahead, So he delayed a while, a plot in his head.
He lives just round the corner from their HQ in Croxteth.
A HOMELESS young man is living in a tent round the corner from First Minister Nicola Sturgeon's official residence.
I would also point out that just up the road from the shop concerned is a club in converted houses which has had a drinks licence for a number of years, and round the corner again in Bournville Lane is the Cadbury's club which also has a drinks licence.
But not so for the former England footballer's first-born, Brooklyn, who is so embarrassed by his father that he has asked to be dropped off round the corner from school so as not to be spotted by his classmates.
Why sometimes when we're happiest And our lives seem complete Does life wait 'round the corner To kick us in the teeth?
I'm not much given to accosting pop stars, however, long-time hero Johnny Marr had received the paper's Godlike Genius award that night and I found myself walking down a corridor when Marr, left, came round the corner and I thought: "I'll just shake the man's hand and thank him for the music."
WITH the England Test series round the corner, Indian players want to make maximum use of any opportunity they get of getting used to the longer format of the game.
I found one just round the corner from him but because I am on benefits they said I needed a guarantor who earns pounds 22,000 a year.