MISSISSIPPI LEGISLATURE

1998 Regular Session

To: Judiciary B

By: Representatives Shows, Ellzey, Holland

AN ACT TO AMEND SECTION 73-4-5, MISSISSIPPI CODE OF 1972, TO EXEMPT AUCTIONS OF ANY LIVESTOCK FROM THE MISSISSIPPI AUCTIONEERS LICENSE ACT; AND FOR RELATED PURPOSES. 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 73-4-5, Mississippi Code of 1972, is amended as follows:

73-4-5. The provisions of this chapter shall not apply to the following transactions:

(a) A sale conducted by order of any United States court pursuant to Title 11 of the United States Code relating to bankruptcy;

(b) A sale conducted by an employee of the United States or the State of Mississippi or its political subdivisions in the course and scope of his employment;

(c) A sale conducted by a charitable or nonprofit organization if the auctioneer receives no compensation;

(d) A sale conducted by an individual of his own property if such individual is not engaged in the business of selling such property as an auctioneer on a recurring basis;

(e) A sale conducted by an individual acting as a receiver, trustee in bankruptcy, guardian, administrator or executor or any such person acting under order of court; by a real estate agent, broker or salesman, who auctions property that he has an exclusive listing agreement on, if done through a silent or written auction not done by public outcry or by a trustee acting under a trust agreement, deed of trust or will;

(f) A foreclosure sale of personal property conducted personally by the mortgagee or other secured party or an employee or agent of such mortgagee or other secured party acting in the course and scope of his employment if the employee or agent is not engaged otherwise in the auction business and if all property for sale in the auction is subject to a security agreement;

(g) A sale conducted by sealed bid;

(h) An auction conducted in a course of study, approved by the Secretary of State, for auctioneers and conducted only for student training purposes;

 * * *

(i) An auction of any livestock * * *; or

(j) An auction conducted by a charitable or nonprofit organization chartered in this state if the auction involves only the property of the organization's members and the auction is part of a fair that is organized under state, county or municipal authority.

SECTION 2. This act shall take effect and be in force from and after July 1, 1998.