40-15A-8.1. Partial payment of purchase price at time of sale or delivery--Payment of balance.
Every licensee under this chapter shall pay, upon request by the seller, eighty percent of the negotiated value of livestock sold at the time of the sale or delivery of the livestock sold, if the term of the sale is on the grade or carcass basis. Thereafter, upon the livestock slaughtered and the determination of the yield and final grade are established, the balance shall be paid on the day following sale determination.
Source: SL 1975, ch 259, §7; SL 1990, ch 325, §284.
Structure South Dakota Codified Laws
Title 40 - Animals and Livestock
Chapter 15A - Livestock Dealers Packers And Packer Buyers
Section 40-15A-1 - Definition of terms.
Section 40-15A-1.1 - License as dealer, packer, or packer buyer required--Violation as misdemeanor.
Section 40-15A-2 - Auction agencies, farmers, ranchers, and livestock feeders exempt.
Section 40-15A-3 - Annual application for dealer's, packer's, or packer buyer's license--Contents.
Section 40-15A-4 - Fee for license--Duration of license.
Section 40-15A-6 - Time and place for hearing on application--Notice to livestock associations.
Section 40-15A-7 - License posted in place of business--Pocket card.
Section 40-15A-8 - Facilities provided by dealer--Unloading and inspection of livestock.
Section 40-15A-8.2 - Records required to be kept by licensees.
Section 40-15A-9 - Fees credited to general fund.
Section 40-15A-10 - Grounds for revocation or refusal of license.