Local Rule D.N.J. LBR 6004-3: Public Auction
Bankr. D.N.J. — General rule
D.N.J. LBR 6004-3. Public Auction
(a) Advertisement. Any advertisement regarding a public auction of property under § 363 of the Code must specify all terms and conditions of the auction.
(b) Announcement of terms. The terms and conditions of the auction must be announced before the start of the auction.
(c) Alternative bidder. If the highest bidder fails to pay the balance of the bid price, the sale may proceed with the next highest bidder.
(d) Report. An auctioneer report must be filed not later than 14 days after the conclusion of bidding.
2015 Comment This Rule was formerly Local Bankruptcy Rule 6005-1. The Rule now permits conclusion of the sale to the next highest bidder from the public auction if the highest bidder defaults. Also, the deadline for filing an auctioneer report formerly in Local Bankruptcy Rule 2014-1 has been shortened to 14 days after the auction.
The portion of the former Local Bankruptcy Rule 6004-1(a), which required the trustee, debtor, or authorized representative to attend the auction, has been deleted because that fiduciary duty arises independent of the Rule.