Terms Used In Maine Revised Statutes > Title 32 > Chapter 5-B > Subchapter 1 - General Provisions

• 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
• Bid: means an offer to buy. See Maine Revised Statutes Title 32 Sec. 284
• Board: means the Board of Licensing of Auctioneers, as established by Title 5, section 12004?A, subsection 5. See Maine Revised Statutes Title 32 Sec. 284
• Completion of the sale: means the acceptance of the final bid by the auctioneer as indicated by the fall of the hammer or in another customary manner. 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.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Municipality: includes cities, towns and plantations, except that "municipality" does not include plantations in Title 10, chapter 110, subchapter IV; or Title 30?A, Part 2. See Maine Revised Statutes Title 1 Sec. 72
• Person: means an individual. See Maine Revised Statutes Title 32 Sec. 284
• Personal property: All property that is not real property.
• Real estate: includes lands and all tenements and hereditaments connected therewith, and all rights thereto and interests therein. See Maine Revised Statutes Title 1 Sec. 72
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Reasonable period of time: means not more than 30 days from the date of the auction or such other time as is stated in a contract. See Maine Revised Statutes Title 32 Sec. 284
• 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