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Sale accomplished when district trustees rejected all sealed bids and, without notice allowed persons present at bid opening to bid on property and sold property to highest bidder was not an ‘auction.’
In Reed v. Muscatine-Louisa Drainage Dist. No. 13, 263 N.W.2d 548, 549-51 (Iowa 1978), the District prior to selling the farm owned by them located in Louisa County, published notice of intention in papers of general circulation in which directed that sealed bids be submitted and each bid was to be accompanied by a check. All bidders were requested to be present at the bid opening and the trustees...
A sharp bid is an arrangement where an unknown bidder places a bid relative to the highest bid.
In Breitbach v. Christenson, 541 N.W.2d 840 (Iowa 1995), the owner of the land located in Black Hawk County died and her will was admitted to probate with Kenneth Shannon and Carolyn Christenson appointed as executors. The executors decided to arrange for the sale of the land and they had their attorney publish a Notice of Intent containing the clause that the co-executors reserve the right ...
When Sale of Auction Lot Final Iowa
Iowa Code Annotated Title XIII. Commerce [Chs. 505-554D] Subtitle 5. Regulation of Commercial Enterprises [Chs. 546-554D] Chapter 554. Uniform Commercial Code (Refs & Annos) Article 2. Sales (Refs & Annos) Part 3. General Obligation and Construction of Contract 554.2328. 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. ...
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