The auctioneer, who in good faith and without notice of a security interest therein, sells personal property at auction, which is in fact subject to a security interest, for a principal whose identity has been disclosed, in which property the auctioneer has no interest but acts only as an intermediary of the owner is not liable to the holder of the security interest for any damage sustained as a result of such sale.
Neb. Rev. Stat. § 69-109.01
Security interest; personal property; sale by auctioneer; no liability under conditions specified
Applied in 4 court decisions — leading case 739 F. Supp. 1364 - Federal Deposit Insurance v. Bowles Livestock Commission Co. (1990)
Most recently applied in 739 F. Supp. 1364 - Federal Deposit Insurance v. Bowles Livestock Commission Co. (June 1990)
Laws 1963, c. 391, § 1, p. 1242; Laws 1969, c. 543, § 2, p. 2194; Laws 1971, LB 961, § 2.
How often courts cite this section
Court decisions citing this, by year. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
Official source: Nebraska Legislature. Reproduced from public-domain Nebraska statutes; confirm against the official source for the current text. Not legal advice.