§ 111.03  EXEMPT SALES.
   The provisions of this chapter do not extend to the sale at public auction of livestock, farm machinery, or farm produce, or any other item commonly sold at farm sale, to any auction sale held under authority of, or under the supervision and direction of, any court of this state, or to any person, firm, or corporation who has been engaged in business in this state for a period of at least one year, conducting a closing out or stock reduction sale of the business.
(SDCL § 37-14-4)