CHAPTER 117: AUCTIONS
Section
   117.01   Definitions
   117.02   Requirements
   117.03   Exempt sales
   117.04   Auction receipts
§ 117.01 DEFINITIONS.
   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.
(Prior Code, § 111.01)
Statutory reference:
   Related provisions, see SDCL § 37-14-2
§ 117.02 REQUIREMENTS.
   The requirements of this chapter are in addition to and not in lieu of any other state or local license.
(Prior Code, § 111.02)
Statutory reference:
   Related provisions, see SDCL § 37-14-5
§ 117.03 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.
(Prior Code, § 111.03)
Statutory reference:
   Related provisions, see SDCL § 37-14-4
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