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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
(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.
(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.
(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.
(Prior Code, § 111.04)
Statutory reference:
Related provisions, see SDCL § 37-14-18, § 37-14-19, and § 37-14-20