59-8-1. Authority from seller.
An auctioneer in the absence of special authorization or usage to the contrary, has authority from the seller, only as follows:
(1) To sell by public auction to the highest bidder;
(2) To sell for cash only, except such articles as are usually sold on credit at auction;
(3) To warrant in like manner with other agents to sell, the title, quality, and quantity of personal property;
(4) To prescribe reasonable rules and terms of sale;
(5) To deliver the thing sold, upon payment of the price;
(6) To collect the price; and
(7) To do whatever else is necessary, or proper and usual, in the ordinary course of business, for effecting these purposes.
Source: CivC 1877, § 1385; CL 1887, § 4008; RCivC 1903, § 1704; RC 1919, § 1286; SDC 1939, § 3.0501.
59-8-2. Memorandum binding both parties.
An auctioneer has authority from a bidder at the auction as well as from the seller to bind both by a memorandum wherever a written memorandum is required, by any statute or by usage, to make a valid contract of sale and such memorandum must be in the form and content prescribed.
Source: CivC 1877, § 1386; CL 1887, § 4009; RCivC 1903, § 1705; RC 1919, § 1287; SDC 1939, § 3.0502.
