IC 25-6.1-6-1 Performance by auctioneer
Sec. 1. Performance by Auctioneer. In performing the duties of an
auctioneer, every auctioneer shall follow all reasonable requests of
the owner or consignor of the goods or real estate being sold at the
auction, shall perform his duties so that the highest or most favorable
offer made by a member of his audience is accepted, and shall
otherwise perform his duties in accordance with the highest
standards 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, within
thirty (30) days after the sale transaction, shall account to, or see to
an accounting for, those persons who own or who are acting as
consignor of goods or real estate which is the subject of an auction
engaged in or conducted by such licensee or upon such licensee's
premises.
(b) Every licensee, within thirty (30) days after a sale transaction
of goods and within a reasonable time after a real estate sale
transaction, shall pay over, or see to the paying over of, all monies
and proceeds due to the owner or the consignor of goods or real
estate which was the subject of an auction engaged in or conducted
by 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 and
maintain in a place of safety for a period of not less than two (2)
years complete and correct records and accounts pertaining to that
licensee's licensed activity, including the name and address of the
owner or consignor of all goods and real estate involved in such
activities, a description of such goods and real estate, the terms and
conditions of the acceptance and sale of such goods and real estate,
and accounts of all monies received and paid out, whether on the
licensee'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 sold
through an auction house, no licensee shall sell goods or real estate
at auction until the auctioneer or auction company involved has first
entered into a written contract with the owner or consignor of such
goods or real estate, which contract sets forth the terms and
conditions upon which such auctioneer or auction company accepts
the goods or real estate for sale. A copy of every written contract
shall be retained for a period of two (2) years from the date of the
auction. 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 or
the auction company involved; and
(2) the name of the owner or consignor of goods or real estate
to be sold or the fact that the goods are being sold on general
consignment. 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 or
noninterest bearing) all funds belonging to others that come into
the possession of the licensee and are held by the licensee for
more than twenty-four (24) hours after the funds become
available for use by the licensee; and
(2) shall clearly identify any account containing those funds as
a trust account.
The trust accounts shall contain all auction proceeds not yet
disbursed and all other funds belonging to others.
(b) The licensee shall not use any trust account for the deposit of
any personal funds or other business funds and shall keep a detailed
record of the funds and any interest accrued in each trust account that
identifies the amount of funds held for each beneficiary. Any interest
earned shall be held for the beneficiary.
(c) Upon the death or termination of a licensee or the expiration
or revocation of the licensee's license, the commission shall take
custody of each trust account and may appoint a successor trustee to
protect and distribute the proceeds of that account. As added by P.L.256-1987, SEC.3.
IC 25-6.1-6-1 Performance by auctioneer
Sec. 1. Performance by Auctioneer. In performing the duties of an
auctioneer, every auctioneer shall follow all reasonable requests of
the owner or consignor of the goods or real estate being sold at the
auction, shall perform his duties so that the highest or most favorable
offer made by a member of his audience is accepted, and shall
otherwise perform his duties in accordance with the highest
standards 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, within
thirty (30) days after the sale transaction, shall account to, or see to
an accounting for, those persons who own or who are acting as
consignor of goods or real estate which is the subject of an auction
engaged in or conducted by such licensee or upon such licensee's
premises.
(b) Every licensee, within thirty (30) days after a sale transaction
of goods and within a reasonable time after a real estate sale
transaction, shall pay over, or see to the paying over of, all monies
and proceeds due to the owner or the consignor of goods or real
estate which was the subject of an auction engaged in or conducted
by 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 and
maintain in a place of safety for a period of not less than two (2)
years complete and correct records and accounts pertaining to that
licensee's licensed activity, including the name and address of the
owner or consignor of all goods and real estate involved in such
activities, a description of such goods and real estate, the terms and
conditions of the acceptance and sale of such goods and real estate,
and accounts of all monies received and paid out, whether on the
licensee'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 sold
through an auction house, no licensee shall sell goods or real estate
at auction until the auctioneer or auction company involved has first
entered into a written contract with the owner or consignor of such
goods or real estate, which contract sets forth the terms and
conditions upon which such auctioneer or auction company accepts
the goods or real estate for sale. A copy of every written contract
shall be retained for a period of two (2) years from the date of the
auction. 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 or
the auction company involved; and
(2) the name of the owner or consignor of goods or real estate
to be sold or the fact that the goods are being sold on general
consignment. 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 or
noninterest bearing) all funds belonging to others that come into
the possession of the licensee and are held by the licensee for
more than twenty-four (24) hours after the funds become
available for use by the licensee; and
(2) shall clearly identify any account containing those funds as
a trust account.
The trust accounts shall contain all auction proceeds not yet
disbursed and all other funds belonging to others.
(b) The licensee shall not use any trust account for the deposit of
any personal funds or other business funds and shall keep a detailed
record of the funds and any interest accrued in each trust account that
identifies the amount of funds held for each beneficiary. Any interest
earned shall be held for the beneficiary.
(c) Upon the death or termination of a licensee or the expiration
or revocation of the licensee's license, the commission shall take
custody of each trust account and may appoint a successor trustee to
protect and distribute the proceeds of that account. As added by P.L.256-1987, SEC.3.
IC 25-6.1-6-1 Performance by auctioneer
Sec. 1. Performance by Auctioneer. In performing the duties of an
auctioneer, every auctioneer shall follow all reasonable requests of
the owner or consignor of the goods or real estate being sold at the
auction, shall perform his duties so that the highest or most favorable
offer made by a member of his audience is accepted, and shall
otherwise perform his duties in accordance with the highest
standards 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, within
thirty (30) days after the sale transaction, shall account to, or see to
an accounting for, those persons who own or who are acting as
consignor of goods or real estate which is the subject of an auction
engaged in or conducted by such licensee or upon such licensee's
premises.
(b) Every licensee, within thirty (30) days after a sale transaction
of goods and within a reasonable time after a real estate sale
transaction, shall pay over, or see to the paying over of, all monies
and proceeds due to the owner or the consignor of goods or real
estate which was the subject of an auction engaged in or conducted
by 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 and
maintain in a place of safety for a period of not less than two (2)
years complete and correct records and accounts pertaining to that
licensee's licensed activity, including the name and address of the
owner or consignor of all goods and real estate involved in such
activities, a description of such goods and real estate, the terms and
conditions of the acceptance and sale of such goods and real estate,
and accounts of all monies received and paid out, whether on the
licensee'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 sold
through an auction house, no licensee shall sell goods or real estate
at auction until the auctioneer or auction company involved has first
entered into a written contract with the owner or consignor of such
goods or real estate, which contract sets forth the terms and
conditions upon which such auctioneer or auction company accepts
the goods or real estate for sale. A copy of every written contract
shall be retained for a period of two (2) years from the date of the
auction. 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 or
the auction company involved; and
(2) the name of the owner or consignor of goods or real estate
to be sold or the fact that the goods are being sold on general
consignment. 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 or
noninterest bearing) all funds belonging to others that come into
the possession of the licensee and are held by the licensee for
more than twenty-four (24) hours after the funds become
available for use by the licensee; and
(2) shall clearly identify any account containing those funds as
a trust account.
The trust accounts shall contain all auction proceeds not yet
disbursed and all other funds belonging to others.
(b) The licensee shall not use any trust account for the deposit of
any personal funds or other business funds and shall keep a detailed
record of the funds and any interest accrued in each trust account that
identifies the amount of funds held for each beneficiary. Any interest
earned shall be held for the beneficiary.
(c) Upon the death or termination of a licensee or the expiration
or revocation of the licensee's license, the commission shall take
custody of each trust account and may appoint a successor trustee to
protect and distribute the proceeds of that account. As added by P.L.256-1987, SEC.3.