by George A. Michak | Oct 5, 2016 | Auction Contracts & UCC
When I speak to auctioneer groups, I often start with a math quiz to calculate all of the contracts involved in a single auction. Let’s say you have a consignment sale with 23 consignors, 132 registered bidders, and 317 lots (all of which are struck off). How many...
by George A. Michak | Oct 1, 2016 | Risk, Title & Payment
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...
