2007 Minnesota Statutes

336.2-328 SALE BY AUCTION.
(1) In a sale by auction if goods are put up in lots each lot is the subject of a separate sale.
(2) A sale by auction is complete when the auctioneer so announces by the fall of the hammer
or in other customary manner. Where a bid is made while the hammer is falling in acceptance
of a prior bid the auctioneer may reopen the bidding or declare the goods sold under the bid
on which the hammer was falling.
(3) Such a sale is with reserve unless the goods are in explicit terms put up without reserve.
In an auction with reserve the auctioneer may withdraw the goods at any time before announcing
completion of the sale. In an auction without reserve, after the auctioneer calls for bids on an
article or lot, that article or lot cannot be withdrawn unless no bid is made within a reasonable
time. In either case a bidder may retract a bid until the auctioneer's announcement of completion
of the sale, but a bidder's retraction does not revive any previous bid.
(4) If the auctioneer knowingly receives a bid on the seller's behalf or the seller makes or
procures such a bid, and notice has not been given that liberty for such bidding is reserved, the
buyer may either avoid the sale or take the goods at the price of the last good faith bid prior to the
completion of the sale. This subsection shall not apply to any bid at a forced sale.
History: 1965 c 811 s 336.2-328; 1986 c 444