§ 2-328 — Sale by Auction

New York § 2-328

• Jurisdiction: New York
• Law UCC: Uniform Commercial Code
• Part 3: General Obligation and Construction of Contract
• Art. 2: Sales

Text

Section 2--328. Sale by Auction.\n (1) In a sale by auction if goods are put up in lots each lot is the\nsubject of a separate sale.\n (2) A sale by auction is complete when the auctioneer so announces by\nthe fall of the hammer or in other customary manner. Where a bid is made\nwhile the hammer is falling in acceptance of a prior bid the auctioneer\nmay in his discretion reopen the bidding or declare the goods sold under\nthe bid on which the hammer was falling.\n (3) Such a sale is with reserve unless the goods are in explicit terms\nput up without reserve. In an auction with reserve the auctioneer may\nwithdraw the goods at any time until he announces completion of the\nsale. In an auction without reserve, after the auctioneer calls for bids\non an article or lot, that article or lot cannot be withdrawn unless no\nbid is made within a reasonable time. In either case a bidder may\nretract his bid until the auctioneer's announcement of completion of the\nsale, but a bidder's retraction does not revive any previous bid.\n (4) If the auctioneer knowingly receives a bid on the seller's behalf\nor the seller makes or procures such a bid, and notice has not been\ngiven that liberty for such bidding is reserved, the buyer may at his\noption avoid the sale or take the goods at the price of the last good\nfaith bid prior to the completion of the sale. This subsection shall not\napply to any bid at a forced sale.\n