Regulation of Auction Sales in South Dakota

South Dakota Codified Laws
Title 37. Trade Regulation
Chapter 37-14. Auction Sales (Refs & Annos)


37-14-2. “New Merchandise” and “auction sale” defined
 “New merchandise,” as used in §§ 37-14-2 to 37-14-5, inclusive, means any merchandise not previously sold at retail. “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.


37-14-4. Farm sales, judicial sales and closing out sales exempt

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.

37-14-5. Requirements of chapter

Any requirement under the provisions of §§ 37-14-2 to 37-14-5, inclusive, is in addition to and not in lieu of any other state or local license as required by statute or ordinance.

37-14-18. Deposit of auction receipts into separate auction proceeds account

Any money that an auction cashier receives on behalf of a client from an auction sale shall be deposited in a separate account maintained for auction sale proceeds only.

37-14-19. Transfer of auction receipts to client--Time limit

Any money that an auction cashier receives on behalf of a client from an auction sale shall be given to the client within twenty working days of the auction sale. This section does not apply to any bad check or if there is a prior written agreement between the client and the cashier.

37-14-20. Application of deposit and transfer requirements

Sections 37-14-18 and 37-14-19 do not apply to any livestock auction agency licensed pursuant to chapter 40-15 or to any real estate sale.

37-14-21. Time for taking possession of property after sale--Reversion of ownership of unclaimed property--Forfeiture of payment--Exceptions

Except as otherwise agreed to in writing by the purchaser and seller, or unless otherwise provided for by advertised or announced terms at the auction premises on the day of the sale, if the purchaser of any property at an auction sale has not removed the property from the auction premises within ninety days after the date of the sale or has not otherwise taken physical possession of the property within ninety days after the date of the sale, ownership of the property reverts to the seller, and the payment is forfeited to the seller without further notice of action. This section does not apply to any motor vehicle as defined in subdivision 32-3-1(11) or to any state auction held pursuant to chapter 5-24A.

S.D. Codified Laws §§ 37-14-2-21 [Repealed sections omitted]