Terms Used In Indiana Code > Title 25 > Article 6.1 > Chapter 1 - Short Title and Definitions

• Auction: means a sale transaction conducted by means of oral or written exchanges between an auctioneer and the members of the auctioneer's audience, which exchanges consist of a series of invitations for offers for the purchase of goods or real estate made by the auctioneer and offers to purchase made by members of the audience and culminate in the acceptance by the auctioneer of the highest or most favorable offer made by a member of the participating audience. See Indiana Code 25-6.1-1-3
• Auction company: means any person or persons who, as a part of its business, arranges, manages, sponsors, advertises, or carries out auctions. See Indiana Code 25-6.1-1-3
• Auctioneer: means an individual who is engaged in, or who by advertising or otherwise holds the individual out as being available to engage in, the calling for, the recognition of, and the acceptance of offers for the purchase of goods or real estate at an auction. See Indiana Code 25-6.1-1-3
• Commission: means the Indiana auctioneer commission. See Indiana Code 25-6.1-1-3
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Goods: means any goods, wares, chattels, merchandise, or other personal property, including domestic animals and farm products. See Indiana Code 25-6.1-1-3
• Licensee: means any person licensed under this article and, in the case of an auction company, includes the person required to obtain a license for such auction company. See Indiana Code 25-6.1-1-3
• Licensing agency: means the Indiana professional licensing agency established by IC 25-1-5-3. See Indiana Code 25-6.1-1-3
• Organization: means a corporation, a limited liability company, a partnership, a trust (specifically including a business trust), a firm, an association, or any other form of business enterprise which is owned by two (2) or more individuals. See Indiana Code 25-6.1-1-3
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means an organization or an individual. See Indiana Code 25-6.1-1-3
• Real estate: means any right, title, or interest in real property, including fixtures. See Indiana Code 25-6.1-1-3