As used in this chapter, the term:
(1) "Bond" means a written instrument issued or executed by a bonding, surety, or insurance company licensed to do business in this state, guaranteeing that the person bonded shall faithfully fulfill the terms of the contract of purchases and guarantee the payment of the purchase price of all livestock purchased by him, made payable to the Commissioner for the benefit of persons sustaining loss resulting from the nonpayment of the purchase price or the failure to fulfill the terms of the contract of purchase.
(2) "Cash" includes only currency, cashier's checks, and money orders.
(3) "Dealer" is synonymous with the term "broker" and means any person, firm, or corporation, including a packer, engaged in the business of buying livestock of any kind for resale or in selling livestock of any kind bought for the purpose of resale or in buying livestock of any kind for slaughter. Every agent acting for or on behalf of any dealer, broker, or livestock market operator is a dealer or broker.
(A) Farmers acquiring livestock solely for the purpose of grazing and feeding as a part of their farm operations are not encompassed by the definition of "dealer" or "broker"; and
(B) Packers whose total annual purchases of livestock are less than $50,000.00 who buy only from licensed dealers and licensed sales establishments are not included in the definition of "dealer" or "broker."
(4) "Livestock" means cattle, swine, equines, sheep, and goats of all kinds and species.
(5) "Livestock market operator" means any person, firm, or corporation engaged in the business of operating a sales establishment, public auctions or sales of livestock, or barns and yards for the containment of livestock held for the purpose of auction or sale.
(6) "Person" means any person, firm, corporation, association, cooperative, or combination thereof.
(7) "Sales establishment" means any yard, barn, or other premises where livestock is sold at auction.
Section: 4-6-1 4-6-2 4-6-3 4-6-4 4-6-5 4-6-6 4-6-7 4-6-8 4-6-9 4-6-10 4-6-11 NextLast modified: October 14, 2016