Terms Used In Indiana Code > Title 25 > Article 6.1 > Chapter 6 - Licensee Obligations

• 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
• Auction company: means any person or persons who, as a part of its business, arranges, manages, sponsors, advertises, or carries out auctions. See Indiana Code 25-6.1-1-3
• Auctioneer: means an individual who is engaged in, or who by advertising or otherwise holds the individual out as being available to engage in, the calling for, the recognition of, and the acceptance of offers for the purchase of goods or real estate at an auction. See Indiana Code 25-6.1-1-3
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Commission: means the Indiana auctioneer commission. See Indiana Code 25-6.1-1-3
• Contract: A legal written agreement that becomes binding when signed.
• 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
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trustee: A person or institution holding and administering property in trust.