State Codes and Statutes

Statutes > North-carolina > Chapter_85B > GS_85B-1

Chapter 85B.

Auctions and Auctioneers.

§ 85B‑1.  Definitions.

For the purposes of thisChapter the following definitions shall apply:

(1)        "Auction"means the sale of goods or real estate by means of exchanges between anauctioneer and members of an audience, the exchanges consisting of a series ofinvitations for offers made by the auctioneer, offers by members of theaudience, and the acceptance by the auctioneer of the highest or most favorableoffer.

(2)        "Auctioneer"means any person who conducts or offers to conduct auctions and includesapprentice auctioneers except as stricter standards are specified by thisChapter for apprentice auctioneers.

(3)        "Owner"means the bona fide owner of the property being offered for sale; in the caseof partnerships, "owner" means a general partner in a partnershipthat owns the property being offered for sale, provided that in the case of alimited partnership it has filed a certificate of limited partnership asrequired by Chapter 59 of the General Statutes; in the case of corporations,"owner" means an officer or director or employee or someone acting onbehalf of the employee of a corporation that owns the property being offeredfor sale provided that the corporation is registered to do business in the State.

(4)        "AbsoluteAuction" means the sale of real or personal property at auction in whichthe item offered for auction is sold to the highest bidder without reserve,without the requirement of any minimum bid, and without competing bids of anytype by the owner, or agent of the owner, of the property.

(5)        "EstateSale" means the liquidation by sale at auction of real or personalproperty of a specified person.

(6)        "AuctionFirm" means a sole proprietorship of which the owner is not a licensedauctioneer, or any partnership, association, or corporation, not otherwiseexempt from this Chapter, that sells either directly or through agents, real orpersonal property at auction, or that arranges, sponsors, manages, conducts oradvertises auctions, or that in the regular course of business uses or allowsthe use of its facilities for auctions. This definition applies whether or notan owner or officer of the business acts as an auctioneer.

(7)        "Fund"means Auctioneer Recovery Fund.

(8)        "Auctioneering","conduct of auction", or "conduct of business" means, inaddition to the actual calling of bids, any of the following:

a.         Contracting forauction.

b.         Acceptingconsignments of items for sale at auction.

c.         Advertising anauction.

d.         Offering items forsale at auction.

e.         Accepting payment ordisbursing monies for items sold at auction.

f.          Otherwisesoliciting, arranging, sponsoring, or managing an auction or holding oneselfout as an auctioneer or auction firm.

(9)        "Consignment"means, unless otherwise modified by written agreement, the act of delivering ortransferring goods or real estate in fact or constructively to an auctioneer orthe auctioneer's agent in trust for the purpose of resale at auction wherebytitle does not pass to the buyer until there is an action indicating a sale.For purposes of this section, consignment may also mean a bailment for sale.

(10)      "Designatedperson" means any person approved by the Board to have the authority totransact business for a licensed auction firm. (1973, c. 552, s. 1; 1983, c. 751, s. 1; 1991 (Reg.Sess., 1992), c. 819, s. 1; 2005‑330, s. 1.)

State Codes and Statutes

Statutes > North-carolina > Chapter_85B > GS_85B-1

Chapter 85B.

Auctions and Auctioneers.

§ 85B‑1.  Definitions.

For the purposes of thisChapter the following definitions shall apply:

(1)        "Auction"means the sale of goods or real estate by means of exchanges between anauctioneer and members of an audience, the exchanges consisting of a series ofinvitations for offers made by the auctioneer, offers by members of theaudience, and the acceptance by the auctioneer of the highest or most favorableoffer.

(2)        "Auctioneer"means any person who conducts or offers to conduct auctions and includesapprentice auctioneers except as stricter standards are specified by thisChapter for apprentice auctioneers.

(3)        "Owner"means the bona fide owner of the property being offered for sale; in the caseof partnerships, "owner" means a general partner in a partnershipthat owns the property being offered for sale, provided that in the case of alimited partnership it has filed a certificate of limited partnership asrequired by Chapter 59 of the General Statutes; in the case of corporations,"owner" means an officer or director or employee or someone acting onbehalf of the employee of a corporation that owns the property being offeredfor sale provided that the corporation is registered to do business in the State.

(4)        "AbsoluteAuction" means the sale of real or personal property at auction in whichthe item offered for auction is sold to the highest bidder without reserve,without the requirement of any minimum bid, and without competing bids of anytype by the owner, or agent of the owner, of the property.

(5)        "EstateSale" means the liquidation by sale at auction of real or personalproperty of a specified person.

(6)        "AuctionFirm" means a sole proprietorship of which the owner is not a licensedauctioneer, or any partnership, association, or corporation, not otherwiseexempt from this Chapter, that sells either directly or through agents, real orpersonal property at auction, or that arranges, sponsors, manages, conducts oradvertises auctions, or that in the regular course of business uses or allowsthe use of its facilities for auctions. This definition applies whether or notan owner or officer of the business acts as an auctioneer.

(7)        "Fund"means Auctioneer Recovery Fund.

(8)        "Auctioneering","conduct of auction", or "conduct of business" means, inaddition to the actual calling of bids, any of the following:

a.         Contracting forauction.

b.         Acceptingconsignments of items for sale at auction.

c.         Advertising anauction.

d.         Offering items forsale at auction.

e.         Accepting payment ordisbursing monies for items sold at auction.

f.          Otherwisesoliciting, arranging, sponsoring, or managing an auction or holding oneselfout as an auctioneer or auction firm.

(9)        "Consignment"means, unless otherwise modified by written agreement, the act of delivering ortransferring goods or real estate in fact or constructively to an auctioneer orthe auctioneer's agent in trust for the purpose of resale at auction wherebytitle does not pass to the buyer until there is an action indicating a sale.For purposes of this section, consignment may also mean a bailment for sale.

(10)      "Designatedperson" means any person approved by the Board to have the authority totransact business for a licensed auction firm. (1973, c. 552, s. 1; 1983, c. 751, s. 1; 1991 (Reg.Sess., 1992), c. 819, s. 1; 2005‑330, s. 1.)


State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_85B > GS_85B-1

Chapter 85B.

Auctions and Auctioneers.

§ 85B‑1.  Definitions.

For the purposes of thisChapter the following definitions shall apply:

(1)        "Auction"means the sale of goods or real estate by means of exchanges between anauctioneer and members of an audience, the exchanges consisting of a series ofinvitations for offers made by the auctioneer, offers by members of theaudience, and the acceptance by the auctioneer of the highest or most favorableoffer.

(2)        "Auctioneer"means any person who conducts or offers to conduct auctions and includesapprentice auctioneers except as stricter standards are specified by thisChapter for apprentice auctioneers.

(3)        "Owner"means the bona fide owner of the property being offered for sale; in the caseof partnerships, "owner" means a general partner in a partnershipthat owns the property being offered for sale, provided that in the case of alimited partnership it has filed a certificate of limited partnership asrequired by Chapter 59 of the General Statutes; in the case of corporations,"owner" means an officer or director or employee or someone acting onbehalf of the employee of a corporation that owns the property being offeredfor sale provided that the corporation is registered to do business in the State.

(4)        "AbsoluteAuction" means the sale of real or personal property at auction in whichthe item offered for auction is sold to the highest bidder without reserve,without the requirement of any minimum bid, and without competing bids of anytype by the owner, or agent of the owner, of the property.

(5)        "EstateSale" means the liquidation by sale at auction of real or personalproperty of a specified person.

(6)        "AuctionFirm" means a sole proprietorship of which the owner is not a licensedauctioneer, or any partnership, association, or corporation, not otherwiseexempt from this Chapter, that sells either directly or through agents, real orpersonal property at auction, or that arranges, sponsors, manages, conducts oradvertises auctions, or that in the regular course of business uses or allowsthe use of its facilities for auctions. This definition applies whether or notan owner or officer of the business acts as an auctioneer.

(7)        "Fund"means Auctioneer Recovery Fund.

(8)        "Auctioneering","conduct of auction", or "conduct of business" means, inaddition to the actual calling of bids, any of the following:

a.         Contracting forauction.

b.         Acceptingconsignments of items for sale at auction.

c.         Advertising anauction.

d.         Offering items forsale at auction.

e.         Accepting payment ordisbursing monies for items sold at auction.

f.          Otherwisesoliciting, arranging, sponsoring, or managing an auction or holding oneselfout as an auctioneer or auction firm.

(9)        "Consignment"means, unless otherwise modified by written agreement, the act of delivering ortransferring goods or real estate in fact or constructively to an auctioneer orthe auctioneer's agent in trust for the purpose of resale at auction wherebytitle does not pass to the buyer until there is an action indicating a sale.For purposes of this section, consignment may also mean a bailment for sale.

(10)      "Designatedperson" means any person approved by the Board to have the authority totransact business for a licensed auction firm. (1973, c. 552, s. 1; 1983, c. 751, s. 1; 1991 (Reg.Sess., 1992), c. 819, s. 1; 2005‑330, s. 1.)