§ 106-418.5. Collection of payment. - North Carolina Statutes

§ 106‑418.5. Collection of payment.

Collection of payment for livestock purchased at auction shall be madeby the public livestock market on the same date of purchase of the livestock,and the proceeds therefrom shall be deposited by the public livestock market intheir custodial account not later than the next banking business day followingthe date of sale. Collection for livestock purchased by auction shall be madeby cash, check, or draft. There shall be no loans made from the custodialaccount of any public livestock market to any purchaser of livestock at saidsales establishment. Payment shall be made by the public livestock market tothe seller of livestock at auction not later than  one banking business dayafter the date of sale of the animal or animals. (1973, c. 38, s. 5.)