70A-2-328 - Sale by auction.
70A-2-328. Sale by auction.
(1) In a sale by auction if goods are put up in lots each lot is the subject of a separatesale.
(2) A sale by auction is complete when the auctioneer so announces by the fall of thehammer or in other customary manner. Where a bid is made while the hammer is falling inacceptance of a prior bid the auctioneer may in his discretion reopen the bidding or declare thegoods 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 withoutreserve. In an auction with reserve the auctioneer may withdraw the goods at any time until heannounces completion of the sale. In an auction without reserve, after the auctioneer calls for bidson an article or lot, that article or lot cannot be withdrawn unless no bid is made within areasonable time. In either case a bidder may retract his bid until the auctioneer's announcement ofcompletion 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 orprocures such a bid, and notice has not been given that liberty for such bidding is reserved, thebuyer may at his option avoid the sale or take the goods at the price of the last good faith bid priorto the completion of the sale. This subsection shall not apply to any bid at a forced sale.
Enacted by Chapter 154, 1965 General Session