§ 25-2-328. Sale by auction. - North Carolina Statutes

§25‑2‑328.  Sale by auction.

(1)        In a sale byauction if goods are put up in lots each lot is the subject of a separate sale.

(2)        A sale by auctionis complete when the auctioneer so announces by the fall of the hammer or inother customary manner. Where a bid is made while the hammer is falling inacceptance of a prior bid the auctioneer may in his discretion reopen thebidding or declare the goods sold under the bid on which the hammer wasfalling.

(3)        Such a sale is withreserve unless the goods are in explicit terms put up without reserve. In anauction with reserve the auctioneer may withdraw the goods at any time until heannounces completion of the sale. In an auction without reserve, after theauctioneer calls for bids on an article or lot, that article or lot cannot bewithdrawn unless no bid is made within a reasonable time. In either case abidder may retract his bid until the auctioneer's announcement of completion ofthe sale, but a bidder's retraction does not revive any previous bid.

(4)        If the auctioneerknowingly receives a bid on the seller's behalf or the seller makes or procuressuch a bid, and notice has not been given that liberty for such bidding isreserved, the buyer may at his option avoid the sale or take the goods at theprice of the last good faith bid prior to the completion of the sale. Thissubsection shall not apply to any bid at a forced sale. (1965,c. 700, s. 1.)