Sec. 2. Accounting and Paying Over. (a) Every
licensee, within thirty (30) days after the sale transaction, shall account to, or see to an accounting for, those persons who own or who are acting as consignor of
goods or
real estate which is the subject of an
auction engaged in or conducted by such licensee or upon such licensee’s premises.
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Terms Used In Indiana Code 25-6.1-6-2
- Auction: means a sale transaction conducted by means of oral or written exchanges between an auctioneer and the members of the auctioneer's audience, which exchanges consist of a series of invitations for offers for the purchase of goods or real estate made by the auctioneer and offers to purchase made by members of the audience and culminate in the acceptance by the auctioneer of the highest or most favorable offer made by a member of the participating audience. See Indiana Code 25-6.1-1-3
- Goods: means any goods, wares, chattels, merchandise, or other personal property, including domestic animals and farm products. See Indiana Code 25-6.1-1-3
- Licensee: means any person licensed under this article and, in the case of an auction company, includes the person required to obtain a license for such auction company. See Indiana Code 25-6.1-1-3
- Real estate: means any right, title, or interest in real property, including fixtures. See Indiana Code 25-6.1-1-3
As added by Acts 1977, P.L.270, SEC.1. Amended by Acts 1980, P.L.163, SEC.9.
