40-15-1. Business constituting livestock auction agency–Exceptions.
Any person operating a place of business where livestock are bought and sold through public auction, including livestock buying stations not buying and selling through public auction, is a livestock auction agency, except any place or operation where future farmers or 4-H groups or fair associations or private fairs conduct sales of livestock, any place or operation conducted for a dispersal sale of the livestock of a farmer, dairyman, livestock breeder, or feeder who is discontinuing said business and no other livestock is sold or offered for sale, and any place of operation where a breeder or an association of breeders of livestock assemble and offer for sale and sell under their own management any livestock.
Source: SDC 1939 §40.2001; SL 1961, ch 204, §1; SL 1970, ch 232, §1; SL 1990, ch 325, §235.