{"data":{"id":"us-ky/krs-355.2-328","jurisdiction":"us-ky","citation":"KRS 355.2-328","heading":"Sale by auction.","body":"(1) In a sale by auction if goods are put up in lots each lot is the subject of a separate\nsale.\n(2) A sale by auction is complete when the auctioneer so announces by the fall of the\nhammer or in other customary manner. Where a bid is made while the hammer is\nfalling in acceptance of a prior bid the auctioneer may in his discretion reopen the\nbidding or declare the goods sold under the bid on which the hammer was falling.\n(3) Such a sale is with reserve unless the goods are in explicit terms put up without\nreserve. In an auction with reserve the auctioneer may withdraw the goods at any\ntime until he announces completion of the sale. In an auction without reserve, after\nthe auctioneer calls for bids on an article or lot, that article or lot cannot be\nwithdrawn unless no bid is made within a reasonable time. In either case a bidder\nmay retract his bid until the auctioneer's announcement of completion of the sale,\nbut a bidder's retraction does not revive any previous bid.\n(4) If the auctioneer knowingly receives  a bid on the seller's behalf or the seller makes\nor procures such a bid, and notice has not been given that liberty for such bidding is\nreserved, the buyer may at his option avoid the sale or take the goods at the price of\nthe last good faith bid prior to  the completion of the sale. This subsection shall not\napply to any bid at a forced sale.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=33288","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:42Z","sha256":"4e8281cef101e00e576f3d3df267c346ab71a49e56587908d1995bc2ee441c2a","source_id":"us-ky","stale":false,"prev":"us-ky/krs-355.2-327","next":"us-ky/krs-355.2-401"},"notice":"GroundRules: Original legal text. Not legal advice."}