Arkansas § 17-17-103 Definitions

Arkansas Statutes

§ 17-17-103 — Definitions

As used in this chapter, unless the context otherwise requires:

(1)"Auction" means:

(A)A sales transaction conducted in person or electronically by means of one (1) or more oral or written exchanges between an auctioneer and a member of his or her audience, which includes an invitation for an offer for the purchase of personal property made by the auctioneer and an offer to purchase made by a member of his or her audience and culminates in the acceptance by the auctioneer of the highest or most favorable offer made by a member of the participating audience, if the sales transaction offers personal property:

(i)Located within this state; or (ii) From a location within this state;

(B)All transactions associated with what is commonly known and advertised as an estate sale in which an owne

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As used in this chapter, unless the context otherwise requires: (1) "Auction" means: (A) A sales transaction conducted in person or electronically by means of one (1) or more oral or written exchanges between an auctioneer and a member of his or her audience, which includes an invitation for an offer for the purchase of personal property made by the auctioneer and an offer to purchase made by a member of his or her audience and culminates in the acceptance by the auctioneer of the highest or most favorable offer made by a member of the participating audience, if the sales transaction offers personal property: (i) Located within this state; or (ii) From a location within this state; (B) All transactions associated with what is commonly known and advertised as an estate sale in which an owner, homeowner, or representative of a deceased homeowner engages a person to offer for sale personal property at a specific location to liquidate some or all of the personal property: (i) Of the owner or homeowner; or (ii) Currently or formerly owned by a deceased homeowner; or (C) A sales transaction conducted in connection with any sale of personal property advertised as an auction or estate sale; (2) "Auction house" means an individual or entity that provides a facility for conducting an auction other than an estate sale; (3) "Auctioneer" means any person who conducts an auction; (4) "Goods" means any chattels, goods, merchandise, or personal property, or commodities of any form or type, which may be lawfully kept or offered for sale; (5) "Livestock auction barn" means a place where livestock is sold on a regular basis to the public; (6) "Livestock auction barn auctioneer" means an auctioneer who is solely engaged in the selling of livestock on a regular basis at one (1) or more locations; and (7) "Persons" includes individuals, associations, partnerships, and corporations, and the word "persons" shall also include the officers, directors, and employees of a corporation.

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