81-8-213 . Definitions. As used in this part, the following definitions apply:
(1)"Board" means the board of livestock provided for in 2-15-3102 .
(2)"Custodial account for shippers' proceeds" or "custodial account" means a separate account established and maintained by a livestock market or livestock video auction engaged in selling livestock on a commission or agency basis. The account must be maintained in a Montana bank insured by the federal deposit insurance corporation and used to maintain and disburse all funds due to consignors from livestock sold on a commission basis. All checks or banking instruments to consignors in payment of the net proceeds from the sale of consigned livestock must be issued on the custodial account. This account must disclose that the depositor is acting
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81-8-213 . Definitions. As used in this part, the following definitions apply:
(1) "Board" means the board of livestock provided for in 2-15-3102 .
(2) "Custodial account for shippers' proceeds" or "custodial account" means a separate account established and maintained by a livestock market or livestock video auction engaged in selling livestock on a commission or agency basis. The account must be maintained in a Montana bank insured by the federal deposit insurance corporation and used to maintain and disburse all funds due to consignors from livestock sold on a commission basis. All checks or banking instruments to consignors in payment of the net proceeds from the sale of consigned livestock must be issued on the custodial account. This account must disclose that the depositor is acting as a fiduciary and that the funds in the account are trust funds.
(3) "Department" means the department of livestock provided for in Title 2, chapter 15, part 31.
(4) "Immediate resale" means a sale of livestock within 60 days of the purchase of the livestock.
(5) "Livestock" means cattle, calves, hogs, pigs, horses, mules, sheep, lambs, and goats.
(6) (a) "Livestock dealer" means a person engaged in the business of buying or selling livestock in commerce on the person's own account or as an employee or agent of a vendor or purchaser.
(b) The term does not include:
(i) a farmer or rancher who buys or sells livestock in the ordinary course of a farming or ranching operation; or
(ii) a livestock market.
(7) (a) "Livestock market" means:
(i) a person engaged in the business of buying or selling livestock in commerce on a commission basis;
(ii) a person engaged in the business of furnishing stockyard services; or
(iii) a livestock video auction as defined in this section.
(b) The term does not include:
(i) a place used solely for a dispersal sale of the livestock of a farmer, dairy producer, livestock breeder, or feeder who is discontinuing business and at which other livestock is not sold or offered for sale;
(ii) a farm, ranch, or place where livestock either raised or kept for the grazing season or for fattening is sold and to which other livestock is not brought for sale or to be offered for sale;
(iii) the premises of a butcher, packer, or processor who receives animals exclusively for immediate slaughter;
(iv) the premises of a person engaged in the raising of livestock for breeding purposes only, who limits sale to livestock of the person's own production; or
(v) a place where a breeder or an association of breeders of livestock of any class assembles and offers for sale and sells under the breeder's or the association's own management any livestock, when the breeder or association of breeders assumes all responsibility for the sale and the title of livestock sold.
(8) "Livestock video auction" means a person who conducts the business of buying or selling livestock on a commission or fee basis through the use of online, video, or other electronic means and who provides the means for handling receivables or proceeds resulting from these types of transactions.
(9) "Person" means an individual, firm, association, partnership, or corporation.
(10) "Test station sale" means the sale of livestock from a place where livestock is taken to measure rates of gain under uniform feeding conditions when that place is not owned by the owner of the livestock.