Bona Fide Auction Sale Law and Legal Definition

According to 7 CFR 29.1 [Title 7Agriculture; Subtitle B Regulations of the Department f Agriculture; Chapter I Agricultural Marketing Service H1 (Standards, Inspections, Marketing Practices), Department of Agriculture; Subchapter A Commodity Standards and Standard Container Regulations; Part 29 Tobacco Inspection; Subpart A Policy Statement and Regulations Governing the Extension of Tobacco Inspection and Price Support Services to New Markets and to Additional Sales on Designated Markets], bona fide auction sale and auction sale mean the buying and selling of tobacco offered by producers by the auction process which customarily and usually consists of an adequate set of buyers; an auctioneer who takes each buyer's bid; a sales starter who makes the opening bid on each lot; and a ticket marker who records the applicable sales data on each lot.