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For the purpose of this chapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
AUCTION SALE. The offering for sale or selling of personal property to the highest bidder, or offering for sale or selling of personal property at a high price and then offering the personal property at successive lower prices until a buyer is secured.
NEW MERCHANDISE. Any merchandise not previously sold at retail.
(SDCL § 37-14-2)
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)
(A) Any money that an auction cashier receives on behalf of a client from an auction sale shall be deposited in a separate account maintained for auction sale proceeds only.
(SDCL § 37-14-18)
(B) Any money that an auction cashier receives on behalf of a client from an auction sale shall be given to the client within 20 working days of the auction sale. This section does not apply to any bad check or if there is a prior written agreement between the client and the cashier.
(SDCL § 37-14-19)
(C) Divisions (A) and (B) above do not apply to any livestock auction agency licensed pursuant to SDCL Ch. 40-15, or to any real estate sale.
(SDCL § 37-14-20)