South Dakota Codified Laws 37-14-4. Farm sales, judicial sales and closing out sales exempt
Current as of: 2023 | Check for updates
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The provisions of §§ 37-14-2 to 37-14-5, inclusive, do not extend to the sale at public auction of livestock, farm machinery, or farm produce or any other item commonly sold at a farm sale, to any auction sale held under authority of or under the supervision and direction of any court of this state, or to any person, firm, or corporation who has been engaged in business in the State of South Dakota for a period of at least one year, conducting a closing out or stock reduction sale of the business.
Terms Used In South Dakota Codified Laws 37-14-4
- Auction sale: as used in this chapter means the offering for sale or selling of personal property to the highest bidder or offering for sale or selling of personal property at a high price and then offering the personal property at successive lower prices until a buyer is secured. See South Dakota Codified Laws 37-14-2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
Source: SL 1955, ch 233, § 8; SDC Supp 1960, § 54.0510; SL 1998, ch 242, § 3.