{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-2-328","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-2-328","heading":"Sale by Auction","body":"(1) In a sale by auction if goods are put up in lots each lot is\n\nthe subject of a separate sale.\n\n(2) A sale by auction is complete when the auctioneer so\n\nannounces by the fall of the hammer or in other customary manner.\n\nWhere a bid is made while the hammer is falling in acceptance of a\n\nprior bid the auctioneer may in his discretion reopen the bidding or\n\ndeclare the goods sold under the bid on which the hammer was\n\nfalling.\n\n(3) Such a sale is with reserve unless the goods are in explicit\n\nterms put up without reserve. In an auction with reserve the\n\nauctioneer may withdraw the goods at any time until he announces\n\ncompletion of the sale. In an auction without reserve, after the\n\nauctioneer calls for bids on an article or lot, that article or lot\n\ncannot be withdrawn unless no bid is made within a reasonable time.\n\nIn either case a bidder may retract his bid until the auctioneer's\n\nannouncement of completion of the sale, but a bidder's retraction\n\ndoes not revive any previous bid.\n\n(4) If the auctioneer knowingly receives a bid on the seller's\n\nbehalf or the seller makes or procures such a bid, and notice has\n\nnot been given that liberty for such bidding is reserved, the buyer\n\nmay at his option avoid the sale or take the goods at the price of\n\nthe last good faith bid prior to the completion of the sale. This\n\nsubsection shall not apply to any bid at a forced sale.","path":["OK Code","Title 12A"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os12A.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"ce2615a8acfd7141687274188ecde9ef18140ce9e649537a4f90ce9dba60797b","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-2-327","next":"us-ok/okla.-stat.-tit.-12a-12a-2-401"},"notice":"GroundRules: Original legal text. Not legal advice."}