Sections 40-15-31, 40-15-31.1 - Segregation and safeguarding of customers' funds by auction agency--Misuse of funds as felony. Electronic auction--Regulation--Licensure
40-15-31. Segregation and safeguarding of customers' funds by auction agency--Misuse of funds as felony. No livestock auction agency may make such use or disposition of funds in its possession or control as endangers or impairs the faithful and prompt accounting for any payment or such portion thereof as may be due the owner or consignor of livestock or any other person having an interest therein, and to this end shall so handle all such funds as to prevent their being commingled or confused with other accounts or funds of the auction agency kept or used for other purposes. The misuse of such funds, resulting in their loss to the owner or consignor of livestock or any other person having an interest therein, is a Class 5 felony.
Source: SDC 1939, § 40.2003 as added by SL 1941, ch 167; SL 1947, ch 178; SL 1965, ch 170; SL 1988, ch 325; SL 1990, ch 325, § 266.