Sale by public auction
Full Text
(1) Where movable property is sold by public auction the price of each lot shall be paid at the time of sale or as soon after as the officer or other person holding the sale directs, and in default of payment the property shall forthwith be re-sold.
(2) On payment of the purchase-money, the officer or other person holding the sale shall grant a receipt for the same, and the sale shall become absolute.
(3) Where the movable property to be sold is a share in goods belonging to the judgment-debtor and a co-owner, and two or more persons, of whom one is such co-owner, respectively bid the same sum for such property or for any lot, the bidding shall be deemed to be the bidding of the co-owner.
Plain English Summary
Governs auctions of movable property: requires immediate spot payment on default of which goods are forthwith resold, makes the sale absolute immediately upon grant of receipt, and gives bidding preference to co-owners.
Key Legal Elements
- Immediate Spot Payment: Full purchase price paid immediately or within hours specified by bailiff.
- Instant Resale on Default: No waiting period; property put up for auction again immediately.
- Immediate Finality (Sub-rule 2): Sale becomes absolute on receipt; no 60-day confirmation period like immovable property.
- Co-owner Pre-emption Preference (Sub-rule 3): Ties in bidding broken in favor of the existing co-owner.
Practical Note
Instant Title in Movables vs. Immovables: Unlike immovable property sales (which require 60 days and a formal confirmation order under Rule 92), a sale of movable property becomes absolute the precise moment the auctioneer receives payment and issues a receipt under Rule 77(2). Title passes instantaneously.
हिंदी पाठ
(1) जहां जंगम (चल) संपत्ति लोक नीलाम द्वारा बेची जाती है, वहां प्रत्येक लाट की कीमत विक्रय के समय अथवा उसके तुरंत पश्चात जैसा विक्रय संचालित करने वाला अधिकारी निदेश दे, चुकाई जाएगी और संदाय में चूक होने पर संपत्ति तुरंत पुनः बेची जाएगी।
(2) क्रय-धन के संदाय पर अधिकारी उसकी रसीद देगा और विक्रय तुरंत अंतिम (Sale shall become absolute) हो जाएगा।
(3) जहां बेची जाने वाली चल संपत्ति निर्णय-ऋणी और किसी सह-स्वामी की संयुक्त संपत्ति में कोई अंश है, और सह-स्वामी तथा अन्य व्यक्ति समान बोली लगाते हैं, वहां सह-स्वामी की बोली को अधिमान्य माना जाएगा।