In the absence of special agreement the auctioneer1 receives the deposit as stakeholder for the seller and the buyer2, and it is his duty to hold it until the completion or rescission of the contract, and to pay it to the party ultimately entitled3.
If the auctioneer pays the money prematurely to either seller or buyer, and it turns out that the person paid was not entitled to it, the auctioneer is liable to make good the money to the party to the contract eventually held to be entitled4. Where the buyer is entitled to the return of the deposit,
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