§ 6A-2-328 - Sale by auction. - Rhode Island Statutes

SECTION 6A-2-328

   § 6A-2-328  Sale by auction. – (1) In a sale by auction if goods are put up in lots each lot is the subject ofa separate sale.

   (2) A sale by auction is complete when the auctioneer soannounces by the fall of the hammer or in other customary manner. Where a bidis made while the hammer is falling in acceptance of a prior bid the auctioneermay in his or her discretion reopen the bidding or declare the goods sold underthe bid on which the hammer was falling.

   (3) Such a sale is with reserve unless the goods are inexplicit terms put up without reserve. In an auction with reserve theauctioneer may withdraw the goods at any time until he or she announcescompletion of the sale. In an auction without reserve, after the auctioneercalls for bids on an article or lot, that article or lot cannot be withdrawnunless no bid is made within a reasonable time. In either case a bidder mayretract his or her bid until the auctioneer's announcement of completion of thesale, but a bidder's retraction does not revive any previous bid.

   (4) If the auctioneer knowingly receives a bid on theseller's behalf or the seller makes or procures such a bid, and notice has notbeen given that liberty for such bidding is reserved, the buyer may at his orher option avoid the sale or take the goods at the price of the last good faithbid prior to the completion of the sale. This subsection shall not apply to anybid at a forced sale.