§ 26-1-2-328 — Sale by auction

Indiana § 26-1-2-328

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 1: UNIFORM COMMERCIAL CODE
• Ch. 2: Sales

Text

(1) In a sale by auction if goods are put up
in lots each lot is the subject of a separate sale.
(2) A sale by auction is complete when the auctioneer so announces
by the fall of the hammer or in other customary manner. Where a bid
is made while the hammer is falling in acceptance of a prior bid the
auctioneer may in his discretion reopen the bidding or declare the
goods sold under the bid on which the hammer was falling.
(3) Such a sale is with reserve unless the goods are in explicit terms
put up without reserve. In an auction with reserve the auctioneer may
withdraw the goods at any time until he announces completion of the
sale. In an auction without reserve, after the auctioneer calls for bids on
an article or lot, that article or lot cannot be withdrawn unless no bid is
made within a reasonable time. In either case a bidder may retract his
bid until the auctioneer's announcement of completion of the sale, but
a bidder's retraction does not revive any previous bid.
(4) If the auctioneer knowingly receives a bid on the seller's behalf
or the seller makes or procures such a bid, and notice has not been
given that liberty for such bidding is reserved, the buyer may at his
option avoid the sale or take the goods at the price of the last good faith
bid prior to the completion of the sale. This subsection shall not apply
to any bid at a forced sale.
Formerly: Acts 1963, c.317, s.2-328.