As used in the Livestock Auction Market Act:
1. “Exotic animals” means commercially raised animals of the families bovidae, cervidae, antilocapridae, suidae, and ratites;
2. “Livestock” means cattle, swine, sheep, horses, mules, or goats and includes exotic animals;
3. “Payment by check” means the actual delivery of the check to the seller or representative at the location where the transfer of ownership is accomplished. In the case of grade and yield selling, payment by check means making the check available at the packing plant, subject to the instructions of the seller or representative;
4. “Slaughter” means killing livestock with the intent to process and distribute the meat and offal of the livestock, regardless of the period of time elapsing between the purchase and the killing of the livestock; and
5. “Wire transfer” means any telephonic, telegraphic, electronic, or similar communication between the financial institution or bank of the purchaser and the financial institution or bank of the seller which results in the transfer of funds or credit of the purchaser to an account of the seller.
Added by Laws 1975, c. 313, § 1, emerg. eff. June 7, 1975. Amended by Laws 1996, c. 185, § 3, eff. Nov. 1, 1996; Laws 2000, c. 243, § 108, emerg. eff. May 24, 2000.
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