MARVIN MANDEL, Governor

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was falling.

(3) Such a sale is with reserve unless the goods
are in explicit terms put up without reserve. In an
auction with reserve the auctioneer may withdraw the
goods at any time until he announces completion of the
sale. In an auction without reserve, after the
auctioneer calls for bids on an article or lot, that
article or lot cannot be withdrawn unless no bid is made
within a reasonable time. In either case a bidder may
retract his bid until the auctioneer's announcement of
completion of the sale, but a bidder's retraction does
not revive any previous bid.

(4) If the auctioneer knowingly receives a bid on
the seller's behalf or the seller makes or procures such
a bid, and notice has not been given that liberty for
such bidding is reserved, the buyer may at his option
avoid the sale or take the goods at the price of the last
good faith bid prior to the completion of the sale.
This subsection shall not apply to any bid at a forced
sale.

SUBTITLE 4. TITLE, CREDITORS AND GOOD FAITH PURCHASERS.

2—401. Passing of title; reservation for security;
limited application of this section.

Each provision of this [subtitle] TITLE with regard
to the rights, obligations and remedies of the seller,
the buyer, purchasers or other third parties applies
irrespective of title to the goods except where the
provision refers to such title. Insofar as situations
are not covered by the other provisions of this
[subtitle] TITLE and matters concerning title become
material the following rules apply:

(1)   Title to goods cannot pass under a contract for
sale prior to their identification to the contract (§
2—501), and unless otherwise explicitly agreed the buyer
acquires by their identification a special property as
limited by TITLES 1 THROUGH 10 OF this article. Any
retention or reservation by the seller of the title
(property) in goods shipped or delivered to the buyer is
limited in effect to a reservation of a security
interest. Subject to these provisions and to the
provisions of the [subtitle] TITLE on secured
transactions ([subtitle] TITLE 9), title to goods passes
from the seller to the buyer in any manner and on any
conditions explicitly agreed on by the parties.

(2)   Unless otherwise explicitly agreed title passes
to the buyer at the time and place at which the seller
completes his performance with reference to the physical