What is the primary purpose of The Absolute Auction Law (KRS 330.220)?

The primary purpose of The Absolute Auction Law (KRS 330.220) is to establish guidelines for conducting absolute auctions, which are auctions where the property being sold is not subject to a minimum bid and will sell regardless of the price. This law is focused on ensuring that the auction process is conducted fairly and transparently, which includes outlining the advertising conditions and practices that must be followed.

By specifying clear rules for advertising and auction operations, the law aims to protect both buyers and sellers, ensuring that participants have all relevant information and that the auction process is executed without misleading practices. This aspect fosters a reliable marketplace where bidders can participate with confidence, knowing that the auction complies with established legal standards.

Options related to enabling sellers to bid freely, facilitating transparent bidding processes, or restricting auction locations, while they may indirectly relate to the overall functioning of auctions, do not encapsulate the primary intent of the Absolute Auction Law, which focuses more directly on the regulatory framework and advertising conditions surrounding absolute auctions.