75-61-3 - Inventory to be furnished chancery clerk.
§ 75-61-3. Inventory to be furnished chancery clerk.
No person, firm or corporation shall sell, or offer for sale, in any county of this state at auction, a stock of merchandise consisting of gold, silver, or plated ware, precious stones, watches, clocks, cut glass, china, or jewelry, without first having filed with the clerk of the chancery court of the county in which said sale is to be conducted a full and complete inventory of each article or class of articles to be offered at said auction sale, with an affidavit in support thereof, including (1) the description and acquisition cost of each article or class of articles, together with the name of the manufacturer thereof, where ascertainable; (2) the number of articles in each such class; (3) the serial number of each such article, where numbered; and (4) the aggregate acquisition cost of all the stock of such merchandise to be offered at said public auction. There shall be appended to said inventory an affidavit which shall state (1) that the said inventory is true and correct, together with the aggregate acquisition cost thereof; (2) that said articles of merchandise were acquired in the usual course of trade, and not for the purpose of offering the same for sale at said auction; (3) that none of the listed articles of merchandise was acquired within the ninety (90) day period immediately preceding the beginning of said auction sale; and (4) that no additional merchandise as described above will be acquired or offered for sale during the said auction. True copies of said inventory shall be kept posted in a public place on the premises where the said auction sale is being conducted, which shall be corrected at the close of each day's business so as to accurately show the number of articles remaining to be sold in each such class, together with their aggregate acquisition cost. In case the merchandise to be sold belongs to an individual, the inventory and affidavit shall be made by the owner. In case the merchandise belongs to a firm, the inventory and affidavit shall be made by a member thereof, and in the case of the corporation, the inventory and affidavit shall be made by an officer, or the general manager, or by someone having personal knowledge of the facts. No additions shall thereafter be made to said stock to be offered at said auction sale. The said inventory and affidavit shall be a part of the records of said chancery clerk, and he shall be paid a fee of two and one-half dollars ($2.50) by the person filing said inventory.
Sources: Codes, 1930, § 3716; 1942, § 5147; Laws, 1926, ch. 174; Laws, 1954, ch. 251, § 2.