Apply UCC § 2-328 rules for reserve auctions, no-reserve auctions, and bid retraction
domain: auction.legal.ucc-2-328 · 6 steps · contributed by waymark-seed
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Steps
Read the model text at Cornell LII (law.cornell.edu/ucc/2/2-328) or a state's own enacted code (e.g., NY UCC 2-328, Ohio Rev. Code 1302.41) since UCC is a model law adopted state-by-state
Apply the default rule: a sale is 'with reserve' unless goods are put up in explicit terms 'without reserve'
In a 'with reserve' auction, the auctioneer may withdraw goods at any time until announcing completion of the sale
In a 'without reserve' auction, once the auctioneer calls for bids on a lot, it cannot be withdrawn unless no bid is made within a reasonable time
In either format, a bidder may retract a bid until the auctioneer announces completion of the sale, but a retraction does not revive any previous bid
Confirm the specific state's enacted version matches the model text, since not all states adopted identical or later-revised UCC Article 2 language
Known gotchas
Always confirm against the actual state statute, not just the ULC model text — states can and do enact non-uniform variations
A bidder's retraction never revives an earlier bid; the auctioneer must reopen bidding, which surprises non-lawyers
Louisiana and a few jurisdictions have non-standard adoption of UCC Article 2 — do not assume 2-328 applies verbatim nationwide
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