554.2328 Sale by auction. 1. In a sale by auction if goods are put up in lots each lot is the subject of a separate sale.2. A sale by auction is complete when the auctioneer so announces by the fall of the hammer or in other customary manner. Where a bid is made while the hammer is fallingin acceptance of a prior bid the auctioneer may in the auctioneer’s discretion reopen thebidding or declare the goods 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 without reserve. In an auction with reserve the auctioneer may withdraw the goods at any time untilthe auctioneer announces completion of the sale. In an auction without reserve, after theauctioneer calls for bids on an article or lot, that article or lot cannot be withdrawn unlessno bid is made within a reasonable time. In either case a bidder may retract the bidder’sbid until the auctioneer’s announcement of completion of the sale, but a bidder’s retractiondoes not revive any previous bid. 4. 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 ndoes not revive any previous bid. 4. 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 the buyer’s option avoid the sale or take the goods at the price of the lastgood faith bid prior to the completion of the sale. This subsection shall not apply to any bidat a forced sale. [C24, 27, 31, 35, 39, §9950; C46, 50, 54, 58, 62, §554.22; C66, 71, 73, 75, 77, 79, 81, §554.2328] Sat Dec 23 01:49:54 2023 Iowa Code 2024, Section 554.2328 (24, 0)
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