In this sub-chapter
(1) "Person" means an association,
corporation, partnership, or other business unit or arrangement, or a natural
person. When used in the singular the plural is included.
(2) "Board" means the board of livestock
provided for in 2-15-3102, MCA.
(3) "Association sale" means a sale of
livestock by auction or similar method sponsored by a livestock association.
It includes an association organized on a geographic basis made up of livestock
producers who collectively produce more than one breed of livestock.
(4) "Test station sale" means a sale of
livestock by auction or similar method from a place where livestock are taken
to measure rates of gain under uniform feeding conditions when that place is
not owned by the owner of the livestock.
(5) "Management firm" means a person with
whom the association or test station sponsoring a sale has contracted
to conduct the sale. Management services include but are
limited to receipt and disbursement of funds received for
the sale of livestock.
(6) "Custodial account" means a demand
account established in a Montana bank licensed under state or federal law into
which all proceeds from the sale of livestock at a
sale covered by these rules must be placed for prompt
disbursement, after proper charges have been subtracted, to consignors selling
livestock at the sale.
(7) "Livestock" means cattle, horses, sheep