Auctioneer Obligations

Indiana Statutes
Title 25. PROFESSIONS AND OCCUPATIONS
Article 6.1. AUCTIONEERS AND AUCTIONS
Chapter 6. LICENSEE OBLIGATIONS
Current through P.L. 293-2013
§ 25-6.1-6-1. 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.

Cite as IC 25-6.1-6-1

History. As added by Acts 1977, P.L.270, SEC.1.

§ 25-6.1-6-2. 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.
Cite as IC 25-6.1-6-2

History. As added by Acts 1977, P.L.270, SEC.1. Amended by Acts 1980, P.L.163, SEC.9.

§ 25-6.1-6-3. 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.

Cite as IC 25-6.1-6-3

History. As added by Acts 1977, P.L.270, SEC.1.

§ 25-6.1-6-4. Written contracts

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.
Cite as IC 25-6.1-6-4

History. As added by Acts 1977, P.L.270, SEC.1. Amended by Acts 1980, P.L.163, SEC.10.

§ 25-6.1-6-5. Advertising

All advertisements of auctions shall disclose:

(1)     the auctioneer's name and the name of 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.
Cite as IC 25-6.1-6-5

History. As added by Acts 1977, P.L.270, SEC.1. Amended by Acts 1980, P.L.163, SEC.11.

§ 25-6.1-6-6. Trust accounts

(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.
Cite as IC 25-6.1-6-6

History. As added by P.L.256-1987, SEC.3.