Upset Price

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Upset Price

The dollar amount below which property, either real or personal, that is scheduled for sale at an auction is not to be sold.

An upset price is intended as a minimum price. In a decree for a Judicial Sale, it constitutes a direction to the officer conducting the sale not to accept any bid that falls below the fixed price. In a final decree in a foreclosure sale, an upset price should be sufficient to cover costs and allowances made by the court, the certificates and interest of the receiver, and any liens in existence.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
If reserve prices are clearly known and truthful, if participants are free to negotiate, and if a repeated relationship is anticipated or desired, the exchange may gravitate toward the SJO (i.e., evenly split surplus).
Investors have been reluctant to take on the property at auction, despite a significant drop in the reserve price since it first went under the hammer.
The Committee has set a new reserve price of $68m (BD25.5m), with the initial sale price of the project set at $95.5m (BHD36m) before being slashed.
The auctions could have fetched Rs 5.6 lakh crore to the exchequer if the entire spectrum on offer had been sold at the reserve price.
Auctioneer Simon Riggall said: "The Nantyglo building went for way over the reserve price. The reserve price was PS225,000 in the end and there was a lot of interest in the building.
The Bank also intends to foreclose a 619 square metres plot in Agios Dometios, Nicosia, at a reserve price of e1/4398,000 and three fields in Paliometocho, one with an area of 6,355 square metres, and second with an area of 3,345 square metres and another with an area of 4,840 square metres at a minimum price of e1/430,160, e1/416,800 and e1/4300,800 respectively.
Theoretical predictions on reserve price impacts are less clear-cut in endogenous entry models (Levin and Smith 1994; Tan and Yilankaya 2006).
But in this auction, the reserve price suddenly shifted online --live--during the auction itself, leading this publication to the almost inescapable conclusion that the auctioneers for US Bank were bidding against the county--artificially raising the reserve price to anything they damn well pleased --in order to legally put in higher and higher bids--then wait and see if the county out bid them--in order to jack up the price far higher than the $1.5 million reserve price that they announced was the true reserve price.
There is no reserve price so even if the highest bid is PS1 it will sell on the day - although the buyer will then take on any liabilities on the Grade II listed site.
AN apartment in Dublin's Temple Bar was snapped up for 75% more than the reserve price at property auction yesterday.
"Even the current reserve price for highly precious contiguous 900 MHz for most lucrative Delhi circle is also lower than the price at which SSTL bought non-contiguous 800 MHz spectrum in Delhi.
According to (http://articles.chicagotribune.com/2013-12-18/business/chi-michael-jordan-raises-price-to-16m-20131218_1_michael-jordan-mansion-auction) Chicago Tribune , Jordan has relisted his mansion on Wednesday for a much-higher reserve price at $16 million.
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