Section 812 IAC 1-1-34 - Auction procedure; completion of sale; sale without reserveAuthority: IC 25-6.1-2-5
Affected: IC 25-6.1-2-5; IC 25-6.1-6-1
Sec. 34.
Sale by Auction.
(a) In a sale by auction if property being sold is put up in lots, each lot is the subject of a separate sale.(b) A sale by auction is complete when the auctioneer so announces by the fall of the hammer or in any other customary manner. Where a bid is made while the hammer is falling in acceptance of a prior bid, the auctioneer may in his discretion reopen the bidding or declare the property sold under the bid on which the hammer was falling.(c) Such a sale is with reserve unless the property being sold is in explicit terms put up without reserve. In an auction with reserve the auctioneer may withdraw the property being offered for sale at any time until he announces completion of the sale. In an auction without reserve, after an auctioneer calls for bids on property being offered for sale, such property cannot be withdrawn unless no bid is made within a reasonable time. In either case a bidder may retract his bid until the auctioneer's announcement of completion of the sale, but a bidder's retraction does not revive any previous bid.(d) If the auctioneer knowingly receives a bid on the seller's behalf or the seller makes or procures such a bid, and notice has not been given that liberty for such bidding is reserved, the buyer may at his option avoid the sale or take the property at the price of the last good faith bid prior to the completion of the sale.Indiana Auctioneer Commission; Rule 35; filed Oct 7, 1977, 3:25 pm: Rules and Regs. 1978, p. 169; readopted filed May 22, 2001, 9:57 a.m.: 24 IR 3236; readopted filed Jul 19, 2007, 1:00 p.m.: 20070808-IR-812070044RFA; readopted filed November 25, 2013, 9:20 a.m.: 20131225-IR-812130278RFAReadopted filed 11/26/2019, 3:42 p.m.: 20191225-IR-812190182RFAReadopted filed 2/7/2024, 10:04 a.m.: 20240306-IR-812230773RFA