IC 25-6.1-6
    Chapter 6. Licensee Obligations

IC 25-6.1-6-1
Performance by auctioneer
    Sec. 1. Performance by Auctioneer. In performing the duties of anauctioneer, every auctioneer shall follow all reasonable requests ofthe owner or consignor of the goods or real estate being sold at theauction, shall perform his duties so that the highest or most favorableoffer made by a member of his audience is accepted, and shallotherwise perform his duties in accordance with the higheststandards of the auctioneering profession.
As added by Acts 1977, P.L.270, SEC.1.

IC 25-6.1-6-2
Accounting and paying over
    Sec. 2. Accounting and Paying Over. (a) Every licensee, withinthirty (30) days after the sale transaction, shall account to, or see toan accounting for, those persons who own or who are acting asconsignor of goods or real estate which is the subject of an auctionengaged in or conducted by such licensee or upon such licensee'spremises.
    (b) Every licensee, within thirty (30) days after a sale transactionof goods and within a reasonable time after a real estate saletransaction, shall pay over, or see to the paying over of, all moniesand proceeds due to the owner or the consignor of goods or realestate which was the subject of an auction engaged in or conductedby such licensee or upon such licensee's premises.
As added by Acts 1977, P.L.270, SEC.1. Amended by Acts 1980,P.L.163, SEC.9.

IC 25-6.1-6-3
Records and accounts
    Sec. 3. Records and Accounts. Each licensee shall keep andmaintain in a place of safety for a period of not less than two (2)years complete and correct records and accounts pertaining to thatlicensee's licensed activity, including the name and address of theowner or consignor of all goods and real estate involved in suchactivities, a description of such goods and real estate, the terms andconditions of the acceptance and sale of such goods and real estate,and accounts of all monies received and paid out, whether on thelicensee's own behalf or as agent, as a result of such activities.
As added by Acts 1977, P.L.270, SEC.1.

IC 25-6.1-6-4
Written contracts
    Sec. 4. Written Contracts. Except with respect to goods soldthrough an auction house, no licensee shall sell goods or real estateat auction until the auctioneer or auction company involved has firstentered into a written contract with the owner or consignor of such

goods or real estate, which contract sets forth the terms andconditions upon which such auctioneer or auction company acceptsthe goods or real estate for sale. A copy of every written contractshall be retained for a period of two (2) years from the date of theauction.
As added by Acts 1977, P.L.270, SEC.1. Amended by Acts 1980,P.L.163, SEC.10.

IC 25-6.1-6-5
Advertising
    Sec. 5. Advertising. All advertisements of auctions shall disclose:
        (1) the auctioneer's name and the name of the auction house orthe auction company involved; and
        (2) the name of the owner or consignor of goods or real estateto be sold or the fact that the goods are being sold on generalconsignment.
As added by Acts 1977, P.L.270, SEC.1. Amended by Acts 1980,P.L.163, SEC.11.

IC 25-6.1-6-6
Trust accounts
    Sec. 6. (a) Each licensee:
        (1) shall keep in one (1) or more trust accounts (interest ornoninterest bearing) all funds belonging to others that come intothe possession of the licensee and are held by the licensee formore than twenty-four (24) hours after the funds becomeavailable for use by the licensee; and
        (2) shall clearly identify any account containing those funds asa trust account.
The trust accounts shall contain all auction proceeds not yetdisbursed and all other funds belonging to others.
    (b) The licensee shall not use any trust account for the deposit ofany personal funds or other business funds and shall keep a detailedrecord of the funds and any interest accrued in each trust account thatidentifies the amount of funds held for each beneficiary. Any interestearned shall be held for the beneficiary.
    (c) Upon the death or termination of a licensee or the expirationor revocation of the licensee's license, the commission shall takecustody of each trust account and may appoint a successor trustee toprotect and distribute the proceeds of that account.
As added by P.L.256-1987, SEC.3.