14 Deposit

An auctioneer has implied authority to receive the deposit on sales of both land1 and goods but no implied authority by virtue of his agency alone to receive the purchase money2. With the sale of goods by auction, the conditions usually contemplate that the auctioneer will complete the sale and the auctioneer is then usually authorised to receive the purchase money. In the absence of special agreement an auctioneer receives any deposit as stakeholder3, although the conditions of sale will normally settle the question as to whether the auctioneer holds the deposit as stakeholder or agent for the

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