The costs and benefits of reopening or not reopening the bid
I think it’s often not seeing the forest for the trees? Yes, auctioneers can reopen the bid (in very specific …
Tag Archives: reopen
United States v. Blair, 193 F.2d 557 (10th Cir. 1952)
This somewhat regularly cited case United States v. Blair, 193 F.2d 557 (10th Cir. 1952) has been used to substantiate …
John Stephen Proffitt III and your right to reopen the bid
John Stephen Proffitt III (widely known as Steve Proffitt in auction circles) — attorney at law and auctioneer — proposed …
The $1,300,000 or $1,510,000 bull
I had no more than walked off my plane and turned on my phone when the voice and text messages …
Auctions and contract symmetry
It was bound to happen I suppose. We receive a call from an attorney about once a week and a …
Auctioneers — you want to win in court, or stay out of court?
I’ve told auctioneers for years that it’s good to be on the “right side of the law.” That is, if …
The integrity of the bidding process
Our topic today specifically regards bankruptcy auctions, but applies equally and reasonably to any type of auction anywhere in the …
When can auctioneers reopen the bid?
We’ve argued a somewhat strict interpretation (practicing our textualism?) of the UCC § 2-328 and the limited right the auctioneer …
Reopen the bid to only certain bidders?
Yes, auctioneers can “reopen” the bid after declaring property “Sold!” And yes, auctioneers do all too often reopen the bid …
What “may” be auctioneers’ terms & conditions’ worst word choice
I have preached one concept in almost every auctioneer class I’ve taught — and rarely if ever do I encounter …
What is a missed bid?
There has been a fair amount of talk about “non-existent tie-bids” and “missed bids” lately. So just what is a …
Two confusing auction cases …
I’ve studied auction law and customary practice over 30 years; there isn’t a day I don’t think about the subject. …
Terms which say there are “tie bids?”
As an auctioneer, it’s always been tempting to put lots of things in the “terms and conditions” of an auction. …
UCC 2-328 & UCC 1-302
Auctioneering in the United States was governed — in part — by the Uniform Sales Act beginning in 1906. The …
It’s “swart” to have a meeting
Many times prior to an auction, the auctioneers will have a meeting. Such a meeting as this is basically conducted …
Court auctions — does money trump principle?
In Federal Bankruptcy auctions — such as in Chapter 11 cases — assets are sometimes sold at public auction in …
Never reopen the bidding?
Sam “Sammy” Roberts is an auctioneer who has a rule. His rule is, “I never reopen the bidding.” In over …
When can the bid be reopened?
As we noted in our post titled: Can auctioneers reopen the bidding?, there is no doubt this question represents the …
Aberrant Auction Law, Kentucky #10
a sale by auction is complete when the auctioneer so announces by the fall of the hammer, announcing the item sold, and the successful bidder’s identification or in other customary manner. If it becomes immediately apparent at the close of the bidding that the auctioneer and a bid assistant or ringman have acknowledged the same bid from different bidders, the auctioneer may continue the bidding between the disputed bidders. When a bid is made while the auctioneer is in the process of completing the sale by auction, the auctioneer may continue the bidding or declare the real or personal property sold under the bid on which the hammer was falling.
Tie Bids — they don’t exist at an auction
Is there such a thing as a “tie bid” at an auction? Despite hearing this type of statement made by auctioneers, tie bids actually don’t exist.
