Selling Encumbered Property at Absolute Auction
14
Dec

Selling Encumbered Property at Absolute Auction

Is it Really Absolute, and What are the Legal and Ethical Considerations? Encumbered property (whether real or personal) is, typically, property that is subject to a lien although there may be other types of encumbrances. Liens may arise from a variety of circumstances, and may include, without being limited to, mortgage liens (for real property), [...]
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Dealing with a Seller's Withdrawal of Property Before the Auction
14
Dec

Dealing with a Seller’s Withdrawal of Property Before the Auction

UCC Section 2-328 and Your Seller’s Contract – A Square Peg in a Round Hole Here’s an all too familiar story – Auctioneer is called to look at a possible sale. After inspecting the property, the auctioneer calculates that this will likely be a profitable sale, and well worth the auctioneer’s time and efforts. The [...]
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Dealing with Potential Liability for Technology Failures During Online Auctions
14
Dec

Dealing with Potential Liability for Technology Failures During Online Auctions

Technology is a remarkable thing, and it has a tremendous impact on the auction industry. The ability to reach thousands of potential bidders in showcasing your auction, and exposing your seller’s property, provides significant opportunity. However, there are risks associated with opportunity, and it is important for you understand and manage those risks. Before conducting [...]
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Title, Possession, and Risk of Loss for Personal Property Sold at Auction
14
Dec

Title, Possession, and Risk of Loss for Personal Property Sold at Auction

Typically, and historically, title, possession, and risk of loss for personal property pass from the seller to the buyer with the fall of the hammer at auction. That is provided under the default provisions of the Uniform Commercial Code. In this regard, UCC Section 2-328 provides that “[a] sale by auction is complete when the [...]
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