Statute · United States Code
10 U.S.C. § 8875 — Commissions of auctioneers
10 U.S.C. § 8875
- Type
- Statute
- Source
- United States Code
- Jurisdiction
- Federal
- Date
- 2025-01-06
- Topic
- bankruptcy
(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) ½ 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.
(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) ½ 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.