Iowa Code » Chapter 554 — UNIFORM COMMERCIAL CODE
Iowa Code

Iowa Code § 554.2328 (2026)

Sale by auction

✓ current as of July 2026
Find cases: SyfertCases citing this section IA-LEGlegis.iowa.gov JustiaTitle on Justia CornellLII Search CasesGoogle Scholar

1. In a sale by auction if goods are put up in lots each lot is the subject of a separate sale.

2. A sale by auction is complete when the auctioneer so announces by the fall of the hammer or in other customary manner. Where a bid is made while the hammer is falling in acceptance of a prior bid the auctioneer may in the auctioneer’s discretion reopen the bidding or declare the goods sold under the bid on which the hammer was falling.

3. Such a sale is with reserve unless the goods are in explicit terms put up without reserve. In an auction with reserve the auctioneer may withdraw the goods at any time until the auctioneer announces completion of the sale. In an auction without reserve, after the auctioneer calls for bids on an article or lot, that article or lot cannot be withdrawn unless no bid is made within a reasonable time. In either case a bidder may retract the bidder’s bid until the auctioneer’s announcement of completion of the sale, but a bidder’s retraction does not revive any previous bid.

4. If the auctioneer knowingly receives a bid on the seller’s behalf or the seller makes or procures such a bid, and notice has not been given that liberty for such bidding is reserved, the buyer may at the buyer’s option avoid the sale or take the goods at the price of the last good faith bid prior to the completion of the sale. This subsection shall not apply to any bid at a forced sale. [C24, 27, 31, 35, 39, §9950; C46, 50, 54, 58, 62, §554.22; C66, 71, 73, 75, 77, 79, 81, §554.2328]\n\n PART 4 TITLE, CREDITORS, AND GOOD FAITH PURCHASERS \n

Notes of Decisions
Cited in 3 cases (1 in the last 5 years), 1995–2025 · leading case: Breitbach v. Christenson, 541 N.W.2d 840 (Iowa 1995).
Sort: Relevance Newest Treatment
Breitbach v. Christenson, 541 N.W.2d 840 (Iowa 1995). · cites it 4× “Iowa Code section 554.2328 provides if a seller receives bids knowing bidding is reserved but without giving such notice, the buyer may avoid the sale or take the goods at the price of the last good faith bid, this is not dispositive of the present ease for two reasons.”
Ironplanet, Inc., plaintiff-appellee/cross-appellant v. Ritchie Bros. Auctioneers (Am.), Inc. & Scheckel Constr., Inc., defendants-appellants/cross-appellees. (Iowa Ct. App. 2014). · cites it 10× “” Iowa Code § 554.2328 (3). Ritchie further relies on a comment to the statute: “The prior announcement of the nature of the auction either as with reserve or without reserve will, however, enter as an ‘explicit term’ in the ‘putting up’ of the goods and conduct thereafter must…”
Stephen Dierickx v. DreamDirt Farm & Ranch Real Est., LLC d/b/a Dream Dirt Auctions, Tom Radley, Jason Smith, Harry Gatzionis, & Vail Holdings, LLC (Iowa Ct. App. 2025). · cites it 4× “Iowa Code § 554.2328 (2022) (providing in the Uniform Commercial Code—Sales, which does not apply to real estate, that “[i]n an auction with reserve the auctioneer may withdraw the goods at any time until the auctioneer announces the completion of the sale”); see also Marten v.”
Iowa Code § 554.2328(3): 1 case
Ironplanet, Inc., plaintiff-appellee/cross-appellant v. Ritchie Bros. Auctioneers (Am.), Inc. & Scheckel Constr., Inc., defendants-appellants/cross-appellees. (Iowa Ct. App. 2014). “” Iowa Code § 554.2328 (3). Ritchie further relies on a comment to the statute: “The prior announcement of the nature of the auction either as with reserve or without reserve will, however, enter as an ‘explicit term’ in the ‘putting up’ of the goods and conduct thereafter must…”
Iowa Code § 554.2328(4): 1 case
Ironplanet, Inc., plaintiff-appellee/cross-appellant v. Ritchie Bros. Auctioneers (Am.), Inc. & Scheckel Constr., Inc., defendants-appellants/cross-appellees. (Iowa Ct. App. 2014). “” Iowa Code § 554.2328 (3). Ritchie further relies on a comment to the statute: “The prior announcement of the nature of the auction either as with reserve or without reserve will, however, enter as an ‘explicit term’ in the ‘putting up’ of the goods and conduct thereafter must…”
Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.