Definitions

(1) Terms in this chapter share those meanings of terms set forth in T.C.A. § 44-11-101. (2) When used in this chapter, unless the context requires otherwise: (a) Act means T.C.A. § 44-11-101, et seq.; (b) 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; (c) Property and fire insurance means insurance in an amount reasonably necessary to compensate persons for physical injuries to themselves or losses to their livestock while participating at any public auction; (d) Regularly scheduled sales mean three or more public auctions held at the same location within the same calendar year; (e) Sold at public auction means the conclusion of competitive bidding for any animal presented at public auction, typically signified by the fall of an auction hammer; (f) Special sales mean any public auction where thirty or more head of livestock are presented.