Arizona Auction Law

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Arizona is a state in the Western United States, classified as Southwestern and occasionally Mountain. It is the sixth-largest and fourteenth-most populated of the fifty states. Phoenix is the state’s capital and largest city. Arizona is bordered by Utah to the north, Colorado to the northeast, and New Mexico to the east; it is also bordered by Nevada and California to the west, and the Mexican states of Sonora and Baja California to the south and southwest. Arizona became the 48th state and the last of the contiguous states to be admitted to the Union on February 14, 1912. Historically part of New Spain’s Alta California region, it became part of independent Mexico in 1821. Mexico lost much of this area to the United States in 1848 after being defeated in the Mexican–American War.

Title 33 – Property § 33-810 Sale by public auction; postponement of sale

A.

The trustee shall offer to sell the trust property at public auction for cash to the highest bidder on the day, time, and location specified in the notice of sale. The trustee may arrange multiple sales on the same day, time, and location.The trustee’s attorney or agent may conduct the sale and act as the trustee’s auctioneer during the sale. At the sale, anybody, including the trustee or beneficiary, may bid. Only the recipient is permitted to make a credit bid in place of cash during the sale.Only the recipient is permitted to make a credit bid in place of cash during the sale. As a condition of placing a bid, the trustee shall compel every bidder, save the beneficiary, to furnish a ten thousand dollar deposit in any manner acceptable to the trustee.The trustee or auctioneer may direct the manner and means of the auction. Every bid is considered an irreversible offer until the sale is finalized, except that a later bid for a greater sum by the same bidder cancels that bidder’s lower price.The trustor or beneficiary present at the auction may suggest the method in which the known lots, parcels, or divisions of the trust property stated in the notice of sale be sold in order to determine the highest price offered. The trustee must conditionally sell the trust property in accordance with each advice, as well as conditionally sell the trust property as a whole.The trustee must choose whatever conditional sale or sells result in the highest total price offer for all trust property. The trustee will refund all deposits save those made by the bidder or bidders whose bid or bids result in the highest bid price. The sale will be finalized when the purchaser pays the amount offered in a form acceptable to the trustee.The trustee’s deed’s subsequent execution, delivery, and recording, as required by section 33-811, are ministerial acts. If the trustee’s deed is registered in the county where the trust property is located within fifteen business days after the date of the sale, the trustee’s sale is deemed consummated at the appointed day and hour.If the highest price bid at a completed sale is less than the amount of the bidder’s deposit, the trustee shall return the amount of the deposit in excess of the bid price at the time of delivery of the trustee’s deed.

B.

The person conducting the sale may postpone or continue the sale at any time, or change the site of the sale to any other location permitted by this chapter, by providing public notice of the new date, time, and place at the time and place last designated for the sale. Any new sale date must be set within ninety calendar days after the declaration date.After a sale has been postponed or continued, the trustee shall provide, upon request, the date and time of the next scheduled sale and, if the location of the sale has been changed, the new location of the sale until the sale has been conducted or canceled, and providing this information shall be without obligation or liability for the accuracy or completeness of the information.Except as specified in subsection C of this section, no additional notice of the postponed, extended, or relocated sale is needed.

C. 

A sale is not complete if it is contrary to or in violation of any federal legislation in effect due to an unknown or concealed bankruptcy. A sale held in this manner is deemed to be continued to a date, time, and place announced by the trustee at the sale and shall comply with subsection B of this section, or, if not announced, to the same place and time twenty-eight days later, unless the twenty-eighth day falls on a Saturday or legal holiday, in which case it is continued to the first business day. If a sale is continued due to an unknown or hidden bankruptcy, the trustee shall tell all bidders who submit their names, addresses, and telephone numbers in writing to the party conducting the sale of the continuation of the sale by registered or certified mail, with postage prepaid.

D. 

If an act of force majeure hinders entry to the selling venue for the performance of the sale, the sale is automatically postponed to the following business day at the same scheduled time and place.

Title 47 – Uniform Commercial Code § 47-2328 Sale by auction

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A. 

A sale by auction is complete when the auctioneer announces it with the fall of the hammer or in another traditional method. When a bid is placed while the hammer is falling in acceptance of a previous bid, the auctioneer has the option of reopening the bidding or declaring the items sold under the bid on which the hammer was falling.

B. 

Unless the products are explicitly listed without reserve, such a sale is with reserve. In a reserve auction, the auctioneer may withdraw the items at any time until the sale is completed. In a no-reserve auction, once the auctioneer calls for bids on an item or lot, that item or lot cannot be withdrawn until no bid is received within a reasonable period. In any instance, a bidder may withdraw his bid until the auctioneer announces the sale is complete, although a bidder’s withdrawal does not resurrect any prior bid.

C. 

If the auctioneer knowingly receives a bid on the seller’s behalf, or the seller makes or procures such an offer, and no warning is provided that liberty for such bidding is retained, the buyer may escape the sale or take the items at the price of the last good faith bid prior to the sale’s conclusion. This paragraph does not apply to any bid during a forced sale.

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