Payment must be received from bidders by close of sale or the item must be resold. Which option completes the requirement correctly?

• A. By Close of Sale
• B. Within Thirty Days
• C. Immediately After Bidding
• D. Upon Court Order

Answer: (A)

The requirement centers on when payment must be secured to finalize the sale. In auctions, payment by the close of sale ensures the seller has the funds before ownership transfers, making the transaction binding and reducing risk. If payment isn’t received by the moment the sale ends, the item can be resold to recover the value, which is exactly the consequence stated in the rule.

Paying within thirty days introduces a delay and credit risk that undermines the immediate certainty the rule aims for. Paying immediately after bidding would demand payment before the sale actually closes, which isn’t practical for completing the transaction. Waiting for a court order adds an extra procedural step not implied by the rule and would complicate the process unnecessarily. Therefore, the correct completion is that payment must be received by the close of sale.