New Jersey Auction and Auctioneer Laws
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Items 1 - 7 of 7
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An Auctioneer who Sells in Good Faith a Personal Property Subject to a Perfected Security Interest is Liable for Conversion if he sells the Property Without the Secured Party's Authorization
The Superior Court of New Jersey in Heritage Bank, N.A. v. Vilsmeier Auction Co., 218 N.J. Super. 440, 441 (Law Div. 1986) held that an auctioneer is liable for conversion if he sells personal property in which a third party has a perfected security interest without authorization from such secured party. The auctioneer would be liable even if the auctioneer sold the property in good faith an...
In New Jersey, Municipalities can adopt ordinances to license and regulate auctioneers and their businesses
The Supreme Court of New Jersey in B. JESELSHON, INC. v. CITY OF ATL. CITY, 70 N.J. 238 (N.J. 1976) held that it was a reasonable exercise of police power for the municipality to adopt ordinances to regulate auction businesses in New Jersey. The New Jersey statute empowers governing body of the municipality to adopt ordinances and regulations necessary to protect the public against fraud at ...
In a Foreclosure Auction Sale, a Sheriff May Place the Burden of Sheriff’s Fees on the Bidder; however, s/he Must Make That Fact Clear Both in his Advertising and in the Conditions of Sale
The Superior Court of New Jersey in Howard Sav. Bank v. Sutton, 246 N.J. Super. 482 (Ch.Div. 1990) held that, a sheriff involved in a foreclosure related auction sale may ask the bidder to pay the sheriff’s fee. But if s/he intends to charge fees from the bidder, s/he should make that fact clear in the advertisement and the conditions of sale. This case involved an execution sa...
Local Units and Authorities in New Jersey may Receive Electronic Proposals for the Sale of Bonds by Electronic Auction
New Jersey Administrative Code Title 5. COMMUNITY AFFAIRS Chapter 30. LOCAL FINANCE BOARD Subchapter 2. LOCAL BOND LAW § 5:30-2.9. Submission of electronic proposals for sale of bonds (a) Local units (including municipalities, counties, authorities and fire districts) and authorities planning to issue bonds may receive proposals for the competitive or negotiated sale of such bonds throug...
New Jersey Administrative Code on Local Finance Board
Administrative regulations regarding general provisions, local bond law, annual budget, capital budget and capital improvement program, certifications of availability of funds and accounting system requirements for local units, annual audit, municipal budget local examination and approval, financial administration, government electronic receipt acceptance, disbursements without vendor certificatio...
Auction and Auctioneer in New Jersey
New Jersey Statutes Annotated Title 45. Professions and Occupations (Refs & Annos) Subtitle 2. Occupations Subject to Other Regulation Chapter 17. Auctions and Auctioneers (Refs & Annos) 45:17-1. Auctioneers to keep book records; what to set forth Every person engaged in the business of selling personal property at auction in cities of the first, second, or third class, whether acting...
When Sale of Auction Lot Final New Jersey
New Jersey Statutes Annotated Title 12A. Commercial Transactions (Refs & Annos) Subtitle 1. Uniform Commercial Code Chapter 2. Sales Subchapter 3. General Obligation and Construction of Contract 12A:2-328. Sale by auction (1) In a sale by auction if goods are put up in lots each lot is the subject of a separate sale. (2) A sale by auction is complete when the auctioneer so announces by ...
Items 1 - 7 of 7
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Items 1 - 7 of 7
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