Payment for livestock purchased at auction shall be made on the same date of purchase of the livestock, and the proceeds therefrom shall be deposited by the public livestock sales establishment in a custodial account not later than the next banking day following the date of sale. Payment for livestock purchased at auction shall be made by cash, check or draft. There shall be no loans made from the custodial account of any public livestock sales establishment to any purchaser of livestock at such sales establishment. HISTORY: 1962 Code Section 6-352; 1972 (57) 2381.
South Carolina Legal Code