10 U.S. Code § 7675 - Commissions of auctioneers

(a) The Secretary of the Navy may establish a scale of commissions to be paid to auctioneers employed to make sales of prize property. These commissions are in full satisfaction of expenses as well as services. The scale may in no case allow a commission in excess of—
(1) 1/2 of 1 percent on any amount exceeding $10,000 on the sale of a vessel; and
(2) 1 percent on any amount exceeding $10,000 on the sale of other prize property.
(b) If no such scale is established, auctioneers in prize causes shall be paid such compensation as the court considers just under the circumstances of each case.

Source

(Aug. 10, 1956, ch. 1041, 70A Stat. 481.)

Historical and Revision Notes
Revised section Source (U.S. Code) Source (Statutes at Large)
7675 34 U.S.C. 1156. R.S. 4650.

The word “amount” is substituted for the word “sum”.

 

LII has no control over and does not endorse any external Internet site that contains links to or references LII.