Maine Revised Statutes Title 32 Sec. 298 – Contract required
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1. Contract required. An auctioneer may not conduct an auction in this State without first having a written contract with the consignor of any property to be sold. The contract must contain the date of the contract and the name and license number of the auctioneer. The contract must contain the terms and conditions of the auction, including but not limited to:
A. The description of all items to be sold; [PL 1999, c. 146, §5 (NEW).]
B. Whether the auction is with reserve or without reserve; [PL 1999, c. 146, §5 (NEW).]
C. The payment schedule; [PL 1999, c. 146, §5 (NEW).]
D. The commission rate; and [PL 1999, c. 146, §5 (NEW).]
E. The statement of other charges, including a buyer’s premium. [PL 1999, c. 146, §5 (NEW).]
[PL 1999, c. 146, §5 (NEW).]
SECTION HISTORY
PL 1999, c. 146, §5 (NEW).
Terms Used In Maine Revised Statutes Title 32 Sec. 298
- Auction: means the offering of goods or real estate for sale by means of exchanges between an auctioneer and bidders. See Maine Revised Statutes Title 32 Sec. 284
- Auctioneer: means any person who conducts, advertises or offers that person's service to conduct auctions; contracts or offers to contract with consignors of real or personal property, with or without receiving or collecting a fee, commission or other valuable consideration; or sells or offers to sell property at auction. See Maine Revised Statutes Title 32 Sec. 284
- Consignor: means the bona fide owner, agent or party in interest of the personal property or real estate being offered for sale. See Maine Revised Statutes Title 32 Sec. 284
- Contract: A legal written agreement that becomes binding when signed.
- With reserve: means that the consignor reserves the right to establish a minimum bid, to accept or reject any bid and to withdraw the property at any time prior to the announcement of the completion of the sale by the auctioneer. See Maine Revised Statutes Title 32 Sec. 284
- Without reserve: means that no minimum opening bid or other condition that limits the sale other than to the highest bidder is required and that the consignor may not modify or nullify the sale by bidding either personally or through a representative. See Maine Revised Statutes Title 32 Sec. 284