North Carolina General Statutes 106-418.5. Collection of payment
Terms Used In North Carolina General Statutes 106-418.5
- Banking business day: means a day in which banks are normally open for business in North Carolina. See North Carolina General Statutes 106-418.3
- following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
- Public livestock market: means livestock sales at a market duly licensed under N. See North Carolina General Statutes 106-418.3
Collection of payment for livestock purchased at auction shall be made by the public livestock market on the same date of purchase of the livestock, and the proceeds therefrom shall be deposited by the public livestock market in their custodial account not later than the next banking business day following the date of sale. Collection for livestock purchased by auction shall be made by cash, check, or draft. There shall be no loans made from the custodial account of any public livestock market to any purchaser of livestock at said sales establishment. Payment shall be made by the public livestock market to the seller of livestock at auction not later than one banking business day after the date of sale of the animal or animals. (1973, c. 38, s. 5.)