Maine Revised Statutes Title 32 Sec. 299 – Conditions of auction sales
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Each auctioneer shall post for display and describe at the beginning of each auction the conditions of the auction sale. The conditions must indicate: [PL 1999, c. 146, §5 (NEW).]
1. Sold “as is.” Whether the property is sold “as is”;
[PL 1999, c. 146, §5 (NEW).]
Terms Used In Maine Revised Statutes Title 32 Sec. 299
- Auction: means the offering of goods or real estate for sale by means of exchanges between an auctioneer and bidders. See Maine Revised Statutes Title 32 Sec. 284
- Auctioneer: means any person who conducts, advertises or offers that person's service to conduct auctions; contracts or offers to contract with consignors of real or personal property, with or without receiving or collecting a fee, commission or other valuable consideration; or sells or offers to sell property at auction. See Maine Revised Statutes Title 32 Sec. 284
- Bid: means an offer to buy. See Maine Revised Statutes Title 32 Sec. 284
- Board: means the Board of Licensing of Auctioneers, as established by Title 5, section 12004?A, subsection 5. See Maine Revised Statutes Title 32 Sec. 284
- Completion of the sale: means the acceptance of the final bid by the auctioneer as indicated by the fall of the hammer or in another customary manner. See Maine Revised Statutes Title 32 Sec. 284
- Consignor: means the bona fide owner, agent or party in interest of the personal property or real estate being offered for sale. See Maine Revised Statutes Title 32 Sec. 284
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
- With reserve: means that the consignor reserves the right to establish a minimum bid, to accept or reject any bid and to withdraw the property at any time prior to the announcement of the completion of the sale by the auctioneer. See Maine Revised Statutes Title 32 Sec. 284
- Without reserve: means that no minimum opening bid or other condition that limits the sale other than to the highest bidder is required and that the consignor may not modify or nullify the sale by bidding either personally or through a representative. See Maine Revised Statutes Title 32 Sec. 284
2. Highest bidder acknowledged. Whether the highest bidder at the completion of the sale will be acknowledged by the auctioneer;
[PL 1999, c. 146, §5 (NEW).]
3. Reserve. Whether the auction is with reserve or without reserve and the acceptable manner of bids;
[PL 1999, c. 146, §5 (NEW).]
4. Absentee bids. Whether absentee bids are allowed;
[PL 1999, c. 146, §5 (NEW).]
5. Sales tax. Sales tax requirements;
[PL 1999, c. 146, §5 (NEW).]
6. Auctioneer or consignor bidding. Whether or not the auctioneer or consignor reserves the right to bid;
[PL 1999, c. 146, §5 (NEW).]
7. Uniform Commercial Code. A statement that Title 11, section 2?328 applies to this auction sale;
[PL 1999, c. 146, §5 (NEW).]
8. Statement of buyer’s premium. A statement of the buyer’s premium and any other charges to the bidders or any other persons in attendance; and
[PL 1999, c. 146, §5 (NEW).]
9. Title and address. The title and address of the board.
[PL 1999, c. 146, §5 (NEW).]
SECTION HISTORY
PL 1999, c. 146, §5 (NEW).