Terms
GENERAL LISTED AUCTION:
The auctioneers will conduct an auction on Thursday afternoon, April 26, commencing 30 minutes at the conclusion of the catalogued auction. This auction will include about 100 lots from the Chinqua Penn Plantation, as well as personal property owned by the Phelps family.
The items for this General Listed Auction may be viewed at the Greensboro Coliseum on Wednesday and Thursday prior to the auction. Absentee, telephone, and online bidding for the General Listed Auction will NOT be available. Bidding will be in person, payment made at end of auction, and items must be removed that evening from the Coliseum. The General Listed Auction will also be available via the auctioneers websites for the purpose of on-line preview only.
While registration is required for entry and bidding at the General Listed Auction, the purchase of a catalogue is NOT required. A photocopied listing will be provided to registered bidders for this auction.
TERMS AND CONDITIONS
Terms: No Reserves. All sales subject to the terms and conditions of sale, as herein stated. Payment is due at the end of the auction by Cash, Official Bank Check, Personal or Company Check with a Bank Letter of Guaranteed Payment, Visa, and Master Card. A 15% Buyer’s Premium will apply to on-site bidders. . No items will be released until satisfactory funds are received in Iron Horse Auction Escrow Account. Neither Leland Little Auction & Estate Sales, Ltd. nor Iron Horse Auction Co. Inc. hereinafter referred to as (auctioneers), nor the CHAPTER 11 TRUSTEE FOR THE UNITED STATES BANKRUPTCY COURT FOR THE MIDDLE DISTRICT OF NORTH CAROLINA WINSTON-SALEM DIVISION, Case 09-50140 in the matter of Renegade Holdings, Inc., et al; hereinafter referred to as (the seller), will be responsible for the auction items after the end of the auction. These items are being sold 'AS IS, WHERE IS' with all faults.
Auctioneers reserve the right to put a hold on your credit card account for an amount up to the amount of your bid prior to the end of the auction. Credit card payment will NOT be accepted above $10,000.00 unless prior approval has been made via the auction office.
Any bidder that plans on spending in excess of $100,000.00 should make arrangements with the auction office at least five (5) days in advance of the sale, as a deposit may be required to participate.
The following is a sample of a Bank Letter of Guarantee of Payment:
BANK GUARANTEE FORM
DATE: ________________ (BANK LETTERHEAD)
Our bank, (bank’s name), irrevocably will guarantee any checks written to IRON HORSE AUCTION CO., INC. for the purchase of items at the Auction by (you or your company name) from account number (fill in number) up to the total amount of $______________.
Sincerely,
(Bank Officer’s Name, Title and Phone)
Please note: AUCTIONEERS ARE SELLING THESE ITEMS BY A FEDERAL COURT ORDER. THIS MEANS IF YOU ARE A WINNING BIDDER AND DO NOT PAY ACCORDING TO THE TERMS AND CONDITIONS OF THE AUCTION, YOU ARE SUBJECT TO COURT ACTION BY THE UNITED STATES BANKRUPTCY COURT FOR THE MIDDLE DISTRICT OF NORTH CAROLINA WINSTON-SALEM DIVISION.
Selling by order of the United States Bankruptcy Court - Court Ordered Auction - Case # 09-50140, In the matter of Renegade Holdings,Inc. et al.
Conditions: All property offered for sale is strictly 'AS IS, WHERE IS'. All sales are final and no refunds are given. These items have been used; they do have wear and tear and are not perfect. Please inspect all items and bid accordingly. It is the bidders responsibility to determine the exact condition/authenticity of each item. By bidding, you signify that you have either closely examined the items, have chosen not to examine them, or have hired an independent agent to examine the item(s) for you. No sale shall be invalidated by reason of any defect or inaccuracy in any of the lots by reason of their being incorrectly described in the listing or elsewhere and no liability shall be borne by the auctioneers or seller in respect of any such fault or errors. This listing has been prepared only as a guide, but the accuracy thereof cannot be guaranteed or warranted by the auctioneers or the seller.
Item ownership is conveyed immediately following the fall of the auctioneer’s hammer. Purchases become the responsibility of, and shall be, and remain at the risk of the purchaser immediately upon acceptance of his/her bid. It shall be the responsibility of the purchaser to insure his/her purchases immediately.
In the event of a tie bid or other dispute between buyers, the auctioneer at its sole discretion may reopen the bidding to determine the highest bidder. The auctioneer’s decision is final and absolute. The record of sale shall be maintained by the auctioneer or his designated party and will betaken as final in the event of any dispute. The auctioneer reserves the right to refuse service to any person. No sale/purchase shall be invalidated due to a buyer not winning additional lots.
Bidders acknowledge that any and all cause of action that may arise as a result of this Contract shall be interpreted in accordance with the laws of the THE UNITED STATES OF AMERICA and any action brought thereon must be in the UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF NORTH CAROLINA, WINSTON-SALEM DIVISION.
PACKING & SHIPPING INSTRUCTIONS
The auctioneers do not ship. Packing and shipping is the responsibility of the buyer. Shipping may be arranged with the assistance of the auctioneers by contact prior to or immediately following the date of the auction. Shipping arrangements and costs are the buyer’s sole responsibility.
LOADING & REMOVAL
Removal and loading purchased items is the responsibility of the buyer. No item may be removed from the sale site unless settlement is made in full to the satisfaction of auctioneers. No item will be released without proper ID and proof of paid receipt either by buyer or buyer’s shipping agent.Items not picked-up within 30 days post-sale will be forfeited.
Pick-up on April 25 and 26, (10am - 6pm) only for bidders who bid in-person at the Greensboro Coliseum.
Internet, telephone and absentee bidders may NOT pick-up purchases on April 25and 26.
Pick-up for all winning bidders available on April 27 and28, (10am - 6pm).
Also, April 30 and May 1, (10am - 5pm). NO pick-up on Sunday, April 29.
All other pick-up times by appointment only.
Bidding Increments:
$0 - 500 = 50
$501 - 2000 = 100
$2001 - 5000 = 250
$5001 - 10,000 = 500
$10,000 and above = 1000 or auctioneers discretion
The auction will run approximately 70-80 lots per hour.
Attendees are here at their own risk. Neither the auctioneer nor the seller will be responsible for any accidents, damage, bodily injury,fire or any other loss whatsoever. All risk of loss is with the buyer and the auction attendee’s.
Some property that is sold at auction can be subject to laws governing export from the U.S., such as items that include material from some endangered species. Import restrictions from foreign countries are subject to these same governing laws. Granting of licensing for import or export of goods from local authorities is the sole responsibility of the buyer. Denial or delay of licensing will not constitute cancellation or delay in payment for the total purchase price of these lots.
Chinqua Penn Plantation Secondary Catalog Auction
Apr 26, 2012
30 Minutes Following 1st Catalog Auction Eastern
Greensboro Coliseum
1921 W. Lee St.
Greensboro, NC 27403
Chinqua Penn Secondary Auction
30 Minutes Following The Primary Catalogue Auction
All Items Must Be Removed The Night of the Auction
This Company's Auction Feed:
All MarkNet Auctions Feed:
Conducted By:
Iron Horse Auction Company
910-997-2248
www.ironhorseauction.com
www.ponzischemeauction.com
