Licitation
The Cyclopedic Law Dictionary · Walter A. Shumaker and George Foster Longsdorf; ed. James C. Cahill · 1922
The Cyclopedic Law Dictionary
In civil law
An offering for sale to the highest bidder, or to him who will give most for a thing. An act by which coheirs or other coproprietors of a thing in common and undivided betweeii them put it to bid between them, to be adjusted and to belong to the highest and last bidder, upon condition that he pay to each of his coproprietors a part in the price equal to the undivided part which each of the said coproprietors had in the estate licited, before the adjudication.
Poth. Cont. Sale, notes 516, 688.