Montana Code 81-8-234. Financial responsibility
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81-8-234. Financial responsibility. (1) Every livestock market or livestock dealer shall maintain a financial condition of total assets in excess of total liability, including total current assets in excess of total current liabilities.
Terms Used In Montana Code 81-8-234
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Livestock: means cattle, calves, hogs, pigs, horses, mules, sheep, lambs, and goats. See Montana Code 81-8-213
- Livestock dealer: means a person engaged in the business of buying or selling livestock in commerce on the person's own account or as an employee or agent of a vendor or purchaser. See Montana Code 81-8-213
(2)Payment for livestock purchased shall be made upon completion of the sales transaction. Payment in all livestock transactions shall be made by cash, check, or draft, as defined in 30-3-104; by electronic funds transfer, as defined in 32-6-103; or by any other bankable instrument.