Definitions

(1) Terms in this chapter share those meanings of terms set forth in the Tennessee Livestock Dealer Act, T.C.A. § 44-10-201, et seq. (2) When used in this chapter, unless the context requires otherwise: (a) Act means the Tennessee Livestock Dealer Act, compiled at T.C.A. § 44-10-201, et seq.; (b) Buys, receives, or assembles livestock means the constructive acquisition of livestock, which includes but is not limited to placement of a winning bid for livestock at public auction; (c) For resale means the acquisition of livestock, where the acquirer or purchaser retains the animals for less than 60 days; (d) Public auction means the presentation of livestock, open to the public, where offers are solicited and competitive bidding is undertaken for sale of the livestock, with or without reservation; LIVESTOCK DEALERS CHAPTER 0080-02-08 (e) Times in any consecutive three-month period means the number of times livestock is bought, received, or assembled for resale within a 90 day period. The term refers to the number of transactions conducted and not the number of animals acquired.