480.14 Conduct of auctions.

246 words·~1 min read·/wi/chapter-480/480-14

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)No auctioneer may conduct an auction unless the auctioneer or the auction company that is managing the auction has entered into a written contract with each owner or consignor of goods or real estate that may be sold at the auction. The contract shall specify the terms and conditions upon which the auctioneer or auction company accepts the goods or real estate for sale.

(2)An auctioneer shall comply with all reasonable requests of each owner or consignor of goods or real estate that may be sold at an auction that is conducted by the auctioneer and shall conduct the auction in a manner that ensures that the highest or most favorable offer for the goods or real estate is accepted.

(3)Unless otherwise provided by the terms of a contract described under sub.

(1), within 30 days after the sale of goods or real estate at an auction, the auctioneer who conducts the auction shall do all of the following:

(a)Provide to each owner or consignor of goods or real estate that was sold or attempted to be sold at the auction an accounting of all moneys due the owner or consignor.

(b)Pay to each owner or consignor of goods or real estate that was sold at the auction all moneys due the owner or consignor.

(4)An auctioneer shall comply with all requirements for auctioneers under s. 402.328 and the rules promulgated under s. 402.328 .