Section 0160-01-.19 - TYPES OF AUCTIONS DEFINED(1) Absolute auction/auction without reserve - An auction at which property put up for sale is sold to the highest bidder, where the seller may not withdraw the property from the auction after the auctioneer calls for bids unless no bid is made in a reasonable time, where the seller may not bid himself or through an agent, and where the seller will deliver marketable title.(2) At auction/auction with reserve - An auction at which the seller or his agent reserves the right to establish a minimum bid, to accept or reject any and all bids, and to withdraw the property at any time prior to the completion of the sale by the auctioneer.Tenn. Comp. R. & Regs. 0160-01-.19
Original rule filed February 28, 2001; effective May 14, 2001.Authority: T.C.A. § 62-19-106.