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i've thought about this too....my BM grip has become loose enough now that the blade can just fall out when the axis is pulled back....with the way some law enforcement agencies define gravity knives, an axis lock could very easily be construed as a gravity knife.....really by anybody's standards its pretty much a gravity knife unless the pivot is tightened down!
I'm sure there are some people more familiar with knife laws and definitions than me on here, so hopefully they'll chime in.....