1. Each licensee is responsible to the consignor of any animal offered in the livestock sale for the net proceeds of any bona fide sale of the animal and on the date of sale is responsible to the purchaser of the livestock for the safe delivery of the animal to the purchaser or his agent in a loading chute at site of the sale.

2. “Net proceeds” means and includes the amount remaining of any sale after deducting commissions, inspection fees and all other deductible items authorized by the terms of sale as announced by licensee, his or its agents, at the opening of the livestock sale at which the sale is made.