Terms for Auctions Held Within New York
These terms of sale are designed to conform to
the Amended Rules for Public Auction Sales in New York City by the Department
of Consumer Affairs and the Bylaws of the Professional Numismatists Guild, Inc.
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This public auction sale is conducted pursuant to these Terms of Sale by
licensed and bonded auctioneers, Harvey G. Stack, #0522763 and Lawrence R.
Stack, #0798114.
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Each bidder, by bidding in the sale, agrees that a 15% BUYER’S CHARGE will be
added to the “hammer price” or winning bid of each lot as determined by the
auctioneer. This 15% BUYER’S FEE will be added to the invoice of each
successful bidder over and above the actual sum bid or offered. The Buyer’s Fee
applies regardless of a bidder’s affiliation with any group or organization,
and is imposed on all bidders. No lots will be delivered or shown at the
auction. Auction sales are strictly for cash and must be paid for promptly in
U.S. funds. Stack’s reminds you that all bidders personally guarantee prompt
payment in full. Checks are permitted with identification acceptable to
Stack’s. On any accounts past due, Stack’s reserves the right to extend credit
and impose periodic charges as stated in these Terms of Sale or on the invoice
or statement. Buyer agrees to pay the reasonable attorney fees and costs
required to collect on such past due accounts. All lots delivered in New York
State are subject to applicable Sales Tax. Buyer agrees to pay any sales tax,
use tax, and any other applicable taxes that now, or hereafter, are found to be
due by virtue of the sale, and to indemnify and hold Stack’s harmless for any
sales or other taxes due thereunder, including reasonable attorneys fees, costs
and any interest or penalties assessed. Buyer shall also pay all shipping and
handling charges where applicable.
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Purchasers claiming exemption from such taxes must submit resale or exemption
certificates or other proof of exemption. Out-of-state Purchasers taking
delivery in New York must provide an OSR certificate or pay applicable taxes
due. All purchasers represent that they are not seeking to acquire goods for
personal, family, or household purposes, but are bidding for resale purposes;
and those submitting OSR’s additionally represent that they are professionals,
knowledgeable and fully aware of what they are purchasing, a representation
upon which Stack’s relies in agreeing to sell to Purchaser. Buyers picking up
lots may be required to confirm this agreement in a separate writing.
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Stack’s is not responsible for your errors in bidding. PLEASE BID ON THE
CORRECT LOT.
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All persons seeking to bid, whether in person, by an agent or employee, or by
mail, must have a catalogue and register to bid. By submitting a bid, whether
in person, by mail, or through an employee or agent, the bidder acknowledges
receipt of the catalogue, and agrees to adhere to these terms of sale. The
auctioneer may decline to recognize any bidder who does not have a catalogue
and has not registered and been given a paddle number. Any prospective bidder
may be required to establish credit references or submit a deposit of 25% of
their bids. All new bidders should be prepared to establish credit with the
auctioneer prior to registering to bid.
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By bidding, purchasing or offering to purchase in this sale, even if as an
agent, or on behalf of a corporation or for another individual, each bidder
personally guarantees prompt payment and agrees to be personally liable for the
consequences of bidding; all bidders also personally guarantee prompt payment
in full, including without limitation, BUYER’S FEE, taxes, surcharges, postage,
handling charges, storage costs and insurance charges.
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Stack’s reserves the right to require payment in full before delivering lots to
a successful bidder, and reserves the right to require the principals, and
directors of any corporate bidder to execute a guarantee of payment (which, in
any event they do by having an agent or employee bid in the sale) prior to
allowing a bid to be placed or recognized.
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Stack’s reserves the right to impose a late charge, based solely upon
Purchaser’s failure to remit full and timely payment, and which late charge is
not related to any necessary storage of the material purchased. Said late
charge is calculated at a rate of 11/2% per month (18% per annum), based on the
purchase price if payment has not been made in accordance with these Terms and
Conditions of Sale. Purchases not collected within thirty (30) days of the date
of sale may, at the sole option of Stack’s, be resold for Purchaser’s account
by Stack’s, with Purchaser liable for any deficit after Stack’s receives a
commission for the same in accordance with its agreement, and thereafter
deducts all expenses associated with the sale, including reasonable attorneys
fees.
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Bids are NOT accepted from minors. By bidding in this sale, the bidder
represents and certifies that they are of legal age, are authorized to make the
bid that they make, and that the purchase is not a consumer sale or consumer
credit transaction.
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Title remains with Stack’s until paid for in full.
Should Purchaser take any action under Title 11 of the U.S. Code, or any state
insolvency law, Buyer agrees to promptly return to Stack’s, any lots not paid
for. The Buyer agrees to keep the lots fully insured until paid for. Risk of
loss is on the Buyer.
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The highest bidder as determined in the sole discretion of the auctioneer shall
be the Buyer. If the auctioneer determines that a dispute has arisen between
two or more bidders, the lot may be immediately put up and sold again. Bidders
with whom the dispute previously arose shall be without further recourse for
any damages whatsoever.
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If you bid by mail, mail your bid sheet early. Mail bidders agree to
and are subject to these terms of sale just as if they were floor bidders.
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The auctioneer reserves the right to refuse ridiculously low bids, which in the
auctioneer’s sole discretion, are felt not to have beenmade in good faith. The
auctioneer reserves the right to open the lot at a reasonable price determined
solely by the auctioneer. The auctioneer shall also have sole discretion to set
initial, and subsequent bidding increments, and to accept, or to decline to
accept, challenges to those bidding increments. All bids not in whole dollar
amounts may be rounded downward by the auctioneer. The auctioneer may open
bidding on any lot by placing a bid on behalf of the Seller, a mail bidder,
Stack’s, or another participant in the sale. The auctioneer may bid further on
behalf of the Seller up to the amount of the reserve by placing successive or
consecutive bids for a lot, or by placing bids in response to other bidders.
The auctioneer may bid for his, or its, own account at any auction and may have
access to information concerning the lots, and items contained in them, that
are not otherwise available to the public. Estimates given are for the general
guidance of the bidder and represent the opinion of the auctioneer as to the
fair market value of the numismatic item at the time of cataloguing, based on
experience and comparable sale, if applicable. The actual price realized may be
higher, or lower than the estimate. If a lot is reserved, the reserve may not
exceed the maximum estimated price.
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Auction sales are not approval sales. In the event of non-payment by the Buyer,
Stack’s reserves any and all rights that it would be entitled to under the
Uniform Commercial Code, including Buyer’s consent to file a financing
statement without need of Buyer’s signature, and to offset any sums due on any
future consignment or purchase or monies or goods in possession of Stack’s or
its assigns.
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All bidders are encouraged to carefully examine all lots prior to the sale. No
lots will be shown at the sale. Stack’s assumes no risk, liability or
responsibility for the material (or other) facts stated concerning the
numismatic item, except as specified herein. All floor buyers should acquaint
themselves with the property sold since Stack’s will assume that they have done
so and requires that the Purchaser represent that they have. Bidders are deemed
to have satisfied themselves as to all of the matters set forth in the terms of
sale.
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Stack’s, as agent, offers a LIMITED WARRANTY that any numismatic item sold is
authentic (i.e., not counterfeit, that its date or mintmark has not been
altered, and that the coin has not been repaired as those terms are used in the
trade). Except as set forth in this limited warranty and as may be required by
the arts and cultural affairs law, and any other law or regulation, all other
warranties of authenticity of authorship, whether express or implied, are
hereby disclaimed.
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Except as otherwise stated herein, all items offered in this catalogue are
GUARANTEED TO BE GENUINE and correctly attributed as defined below.
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NO LOT may be returned for any reason whatsoever without the prior written
consent by Stack’s, or, in any event, if it has been removed from its original
container. No lots purchased by those who have viewed the lots may be returned,
unless the limited warranty provided in these terms of sale permits it.
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Grading is a subjective description in the opinion of the cataloguer as to the
state of preservation, method of strike, and overall appearance of a particular
coin or lot. The term “proof” or “specimen” is used to describe a method of
manufacture, and is not a grade or condition or an attribution.
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Stack’s does not represent that a numismatic item has or has not been cleaned;
that any toning is natural or artificial; that any coin catalogued will meet
the standards, or the grade, of any third party or third party grading service;
that a numismatic item has a particular provenance or pedigree; that a
numismatic item is struck or not struck, or produced or not produced in a
particular manner or style.
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Adjectival descriptions and terminology (which can and does vary among experts
and knowledgeable purchasers), when utilized in the catalogue, are strictly the
opinion of the cataloguer and shall not be deemed to be part of the
description; i.e. it is an opinion only and not a warranty of any kind.
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Grading descriptions in this catalogue are provided strictly for the
convenience of those who bid by mail and who are unable to personally view the
coins, and represents the cataloguer’s opinion of its state of preservation.
Those attending the sale, and those bidders who actually view the lots should
draw their own conclusions as to the state of preservation or grade of the
numismatic item.
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Stack’s may utilize numerical or adjectival descriptions, and may include lots
that have been graded by others. Opinions offered with respect to numismatic
properties offered for sale by Stack’s are made at the time that the numismatic
item is catalogued, and do not refer to any prior or subsequent time.
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Where Stack’s sells a numismatic item graded and encapsulated by a grading
service, Buyer acknowledges and agrees that other grading services, Stack’s or
knowledgeable purchasers might reach a different conclusion as to the state of
preservation of a particular item, and that Stack’s has presented the service’s
description of the encapsulated item for accommodation only. Any such
information provided by Stack’s is the opinion of the third party, without
recourse against Stack’s in any way whatsoever.
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Except as otherwise expressly stated in the Terms of Sale, Stack’s and its
agents and employees make no warranties or guaranties or representations, and
expressly disclaim all warranties and guaranties and representations,
including, without limitation, a warranty of merchantability, in connection
with any numismatic properties sold by Stack’s.
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All oral and written statements made by Stack’s, are statements of opinion only
and are not warranties or representations of any kind, unless stated as a
specific written warranty, and no employee or agent of Stack’s has authority to
vary or alter these Terms of Sale. Any alteration shall be effective only if in
writing and signed by a member of the firm.
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If not so stated expressly, the grade, artisanship, provenance, or attribution
is the firm’s opinion only on which no third party, including the bidder, is
entitled to rely.
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Stack’s assumes no risk, liability or responsibility for the material (or
other) facts stated concerning the numismatic item, except as specified herein.
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Unless otherwise stated, Stack’s acts only as agent for a Consignor and makes
no independent warranty of title. Stack’s offers the following LIMITED WARRANTY
to Buyers with respect to all numismatic items offered for sale. Stack’s
warrants to all Buyers that the Consignor or the Seller has warranted good
title to property offered for sale. Any such warranty is predicated on the
Owner or prior owner making the same warranty to Stack’s, upon which the firm
relies. In the event that it is finally determined that the Purchaser has not
acquired transferable title, Stack’s shall reimburse the Purchaser (if full
payment has already been made) in accordance with these Terms of Sale, and
Buyer agrees that this is full compensation for any loss whatsoever, whether
actual or otherwise. Tender of the check by Stack’s to Buyer at the address
specified on the bid sheet or registration form shall end the obligation of
Stack’s to the Buyer, even if the check is not endorsed or cashed. Stack’s and
the Consignor make no representations or warranty that the Purchaser acquires
any reproduction rights or copyright in property purchased at the sale.
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Stack’s further expressly disclaims all warranties relating to the grade,
condition, identification of the periods or date of coining or manufacture or
methods of manufacture of property which is inaccurate, or may be proved
inaccurate, by means of scientific process or research which is not generally
accepted for use until after the sale.
- Stack’s reminds the Buyer that the grading or condition of rare coins
may have a material effect on the value of the items purchased; that others may
differ with the grading opinions or interpretations of Stack’s; that such
difference of opinion (including whether the coin has been cleaned, or is or is
not of a particular grade or quality) is not grounds to return an item
purchased; and that all sales of items viewed by a Purchaser in advance of a
sale, even if the sale is by mail, are final.
- By purchasing in this sale, Buyer agrees that they shall have no
recourse against the Consignor for any reason whatsoever. In the event that a
warranty is offered with respect to grade or state of preservation or
condition, it shall be a specific warranty, in writing, signed by a member of
Stack’s, and shall specify its terms and conditions and duration. If any
numismatic item is damaged in its removal from encapsulation, or during its
encapsulation, it is at the sole risk of the Purchaser. Because of the
fungibility of numismatic items, any item removed from its holder may not be
returned for any reason whatsoever.
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On any claim made by a bidder, Stack’s must be advised in writing sent within
seven days after receipt of the material, or the date of the sale, whichever is
the later; these dates apply whether or not the Buyer has received the
material. The disputed property must be returned to Stack’s in the same
condition as sold by Stack’s, in the same holder.
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These conditions are binding and absolute unless varied in writing by a
principal of Stack’s or if the bylaws, rules or regulations of the Professional
Numismatists Guild, Inc., provide for a longer period, or give the Buyer a
greater right, in which case such bylaws, rules or regulations shall prevail.
Any and all claims of the Buyer made in violation of the Terms of Sale shall be
deemed waived, and the Buyer shall be without further recourse.
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If Stack’s, in its sole discretion, determines that any numismatic property is
substantially and materially different from that represented in the catalogue
of sale, or in any written advertisement or material, the sale shall be
cancelled and Stack’s shall refund the purchase price to the Buyer. Unless
provided otherwise in these terms or the PNG bylaws, that shall be Stack’s sole
obligation to Buyer.
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The auctioneer and cataloguer, Stack’s, reserves the right to include its own
material in any auction sale. The auctioneer may have direct or indirect
interests in these, and other items (other than its commission), and may
collect a minimum price in addition to the selling commission. This paragraph
shall be deemed a part of the description of all lots contained in the
catalogue. The catalogue shall also be deemed a part of any invoice issued by
the auctioneer. The auctioneer may make loans or advances to consignors and/or
prospective purchasers. The Consignor may be permitted to bid on his, her or
their own articles and to buy them back at the sale. Any Buyer who bids on or
purchases their own goods is required to pay for them, in full, as the terms of
sale provide for together with the full buyer’s commission, and any other
applicable surcharges, postage, handling, insurance fees and taxes, without
rebate of any kind whatsoever, unless provided for otherwise by contract with
the auctioneer. The auctioneer reserves the right to make accounting
adjustments in lieu of payment. Settlement will follow the auction. The prices
realized reflect the final price called by the auctioneer and may include a bid
of a consignor reacquiring their lot.
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Stack’s, the auctioneer, and employees are “insiders” and may have access to
confidential information not otherwise available to the public with respect to
value, provenance, availability, and other factors. Purchasers should make
themselves acquainted with the numismatic items that they are purchasing and
avail themselves of the services of outside consultants prior to engaging in
any purchase. Bids are so much per LOT. No lots will be broken up unless
otherwise stated.
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No bidder shall have any claim against the auctioneer, or Stack’s, for improper
sequence of offering a lot.
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On bullion items, bullion-like items, and encapsulated items graded by a
grading service, Buyer agrees that there shall be no right of return for any
reason whatsoever. Buyer further agrees that due to market volatility, in event
of non-payment, Stack’s shall be entitled to damages that are the greater of
selling price or market, together with any supplementary or additional costs.
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Stack’s at any time may rescind the sale in the event of non-payment or breach
of the warranty of title.
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The sole remedy that any participant in the auction shall have, whether bidding
in person, by mail, or through an employee or agent, for any claim or
controversy arising out of the auction shall be a refund of the original
purchase price and premium paid, if any. Interest shall be paid by Stack’s at a
rate of no greater than nine per cent (9%) per annum, up to a maximum of six
(6) years, unless the rules of the Professional Numismatists Guild, Inc.
provide for a higher rate of interest or a longer period of time, in which case
such rules shall prevail. A lower rate, or shorter period, may be decided by
the arbitrators. Upon payment as determined by the arbitrators, or in full at
the maximum rates set forth above, or at an agreed rate, Stack’s shall be
deemed released from any and all claims of the bidder arising out of or in
connection with the sale of such property. Purchaser agrees to execute prior to
delivery of any refund any documents reasonably requested to effect the intent
of this paragraph. By bidding in this sale, all bidders consent to these terms
and all other terms of these conditions of sale.
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Stack’s hereby disclaims all liability for damages, incidental, consequential
or otherwise, arising out of or in connection with the sale of any property by
Stack’s to Purchaser. All bidders, even if unsuccessful purchasers, agree
to abide by this condition, and all other conditions of sale.
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All rights granted to the Purchaser under the within terms of sale are personal
to the Purchaser. Purchaser may not assign or transfer any of these rights to
any other person or entity, whether by operation of law or otherwise. Any
attempt so to assign or transfer any such rights shall be absolutely VOID and
unenforceable. No third party may rely on any benefit or right conferred by
these Terms and Conditions of Sale and terms of warranty on any bidder or
Purchaser.
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“Purchaser” shall mean the original purchaser of the property from Stack’s and
not any subsequent owner or other person who may have or acquire an interest
therein. If Purchaser is an agent, the agency must be disclosed at the time of
sale, otherwise the benefits of the warranty shall be limited to the agent and
not transferable to the undisclosed principal.
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Should any third party attempt to utilize any warranties contained herein, they
shall first give Stack’s thirty (30) days written notice by Registered Mail or
Certified Mail Return Receipt Requested during which time Stack’s may, should
it choose to contest the third party’s claim, ask the Professional Numismatists
Guild, Inc., or the American Arbitration Association to appoint a panel of
three arbitrators skilled in the field to make such a determination at New
York, N.Y. By seeking to use such remedy, the third party unequivocally and
without reservation consents to binding arbitration, and its conclusive and
binding determination of any alleged damages as a sole remedy. With respect to
any other pertinent notice requirements, venue and personal and subject matter
jurisdiction, said third party is bound to the provisions pertaining to
bidders, buyers and purchasers, as otherwise provided for in these Terms of
Sale.
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In the event Stack’s shall, for any reason, be unable to deliver the property
sought to be purchased, its liability therefore shall be limited to the
rescission of the sale and refund of the purchase price and buyer’s premium. Stack’s
hereby disclaims all liability for damages, incidental, consequential or
otherwise, arising out of its failure to deliver any property purchased, and
all bidders agree to this disclaimer.
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If it is determined that a bailment relationship exists while the material
purchased is being held by Stack’s, for Purchaser, said relationship
constitutes a gratuitous bailment only, solely for the benefit of the
purchaser/bailor, as defined by the laws of the State of New York.
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As a condition of bidding, bidder acknowledges that numismatic auction sales
are unique in terms of their tradition and industry practices. Each bidder
agrees that any claim or controversy whatsoever arising out of this sale shall
be settled as follows: if demanded by either buyer, or Stack’s by binding
arbitration at New York, New York, under the rules then obtaining of the
Professional Numismatists Guild, Inc., or as PNG rules may provide, the
American Arbitration Association. In the event that a dispute arises between
Stack’s and a non-member of the PNG, this means that the American Arbitration
Association, at New York, N.Y., shall have exclusive jurisdiction over the
controversy. In any controversy concerning non-payment, Stack’s shall have the
right to proceed by arbitration or by a proceeding in any court of competent
jurisdiction in the City, County, and State of New York, whichever is first
commenced by Stack’s. The arbitrator shall not have the power to alter the
terms of condition of sale. Judgment on any award may be entered in any court
of competent jurisdiction. The arbitrators, and any court, shall award the
prevailing party costs and reasonable attorney fees. By bidding in this sale
you agree to be bound by the arbitration provisions of the PNG as described
above. Commencement of an arbitral proceeding, or confirmation of an award, as
well as any notice requirements connected with such proceeding, and any other
required service of process, may be made by Stack’s upon all bidders by
registered or certified mail directed to the address of the bidder or purchaser
as listed on the bid sheet or application or form required at the time that a
bidder number is issued, or by facsimile transmission with proof of receipt.
Bidder agrees that such service shall constitute full in personam jurisdiction.
The venue for such proceedings shall be the City of New York, State of New York
and each bidder agrees to in personam (personal) jurisdiction of the City of
New York, State of New York. In all cases, the maximum liability of Stack’s for
any item sold shall be limited to the official price of record of the item at
this sale, without provision for consequential damages, or any other damages of
any kind whatsoever, unless the PNG rules provide otherwise.
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If the Purchaser fails to comply with one or more of these Terms and Conditions
of Sale then, in addition to all other remedies which it may have at law or in
equity, Stack’s may, at its sole option, either (a) cancel the sale, retaining
as liquidated damages all payments made by the Purchaser, it being recognized
that actual damages may be speculative or difficult to compute, or (b) sell
some or all of the numismatic property and some or all other property of the
Purchaser held by Stack’s, in a quantity sufficient in the opinion of Stack’s
to satisfy the indebtedness, plus all accrued charges. More than one such sale
may take place at the option of Stack’s. Such sale may take place without
notice to Purchaser; if Stack’s gives notice, it shall be by regular mail to
the address utilized on the bid sheet, consignment agreement or other address
known to the firm. Such sale will be at Stack’s standard commission rates at
public or private sale, within or without the City of New York, at which time
(if the sale be at auction) the defaulting party shall not bid. The proceeds
shall be applied first to the satisfaction of any damages occasioned by
Purchaser’s breach, and then to the payment of any other indebtedness owing to
Stack’s, including without limitation, commissions, handling charges, the
expenses of both sales, reasonable legal fees and collection agency fees and
any other costs or expenses incurred hereunder. If a lot or numismatic item is
not paid for, and is sold by Stack’s for Purchaser’s account, in accordance
with the Uniform Commercial Code, Stack’s shall not be required to account to
the Purchaser for any excess proceeds. Purchaser is also liable to Stack’s if
the proceeds of such sale or sales is insufficient in the opinion of Stack’s to
cover the indebtedness. If other property of Purchaser is also sold, any excess
of proceeds will be remitted to the Purchaser after first deducting the
expenses set forth above. If Purchaser fails to remit sums due to Stack’s,
Purchaser grants to Stack’s a lien with respect to such sum, with interest to
accrue thereon at the judgment rate, until actually paid, which lien shall