73-4-35 - Standards governing performance of duties of auctioneers; accounting and payment of monies to owners or consignors of goods involved in auction [Repealed effective July 1, 2010].
§ 73-4-35. Standards governing performance of duties of auctioneers; accounting and payment of monies to owners or consignors of goods involved in auction [Repealed effective July 1, 2010].
(1) In performing the duties of an auctioneer, every auctioneer shall follow all reasonable requests of the owner or consignor of the goods being sold at the auction. Every auctioneer shall perform such auctioneer's duties so that the highest or most favorable offer made by a member of the audience is accepted, and shall otherwise perform such duties in accordance with the highest standards of the auctioneering profession.
(2) (a) Every licensee, within five (5) business days after the sale transaction, shall account to, or provide an accounting for, those persons who own or who are acting as consignor of goods which are the subject of an auction engaged in or conducted by such licensee or upon such licensee's premises.
(b) Every licensee, within five (5) business days after a sale of goods and at closing of the sale, shall pay over, or provide for the paying over of, all monies and proceeds due to owner or consignor of goods which was the subject of an auction engaged in or conducted by such licensee or upon such licensee's premises.
Sources: Laws, 1995, ch. 405 § 18, eff from and after July 1, 1995.