Section 59-8-1 – Authority from seller.

59-8-1. Authority from seller. An auctioneer in the absence of special authorization or usage to the contrary, has authority from the seller, only as follows: (1)To sell by public auction to the highest bidder; (2)To sell for cash only, except such articles as are usually sold on credit at auction; (3)To warrant in like manner […]

Section 59-8-2 – Memorandum binding both parties.

59-8-2. Memorandum binding both parties. An auctioneer has authority from a bidder at the auction as well as from the seller to bind both by a memorandum wherever a written memorandum is required, by any statute or by usage, to make a valid contract of sale and such memorandum must be in the form and […]