# Neb. Rev. Stat. § 69-109.01: View Statute 69-109.01

> Nebraska · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_NE_C69_S69-109.01

## Section

- **Citation:** Neb. Rev. Stat. § 69-109.01
- **Heading:** View Statute 69-109.01
- **Jurisdiction:** Nebraska
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** NE Code / Chapter 69 / Section 69-109.01

## Text

The auctioneer, who in good faith and without notice of a security interest therein, sells personal property at auction, which is in fact subject to a security interest, for a principal whose identity has been disclosed, in which property the auctioneer has no interest but acts only as an intermediary of the owner is not liable to the holder of the security interest for any damage sustained as a result of such sale.

Laws 1963, c. 391, § 1, p. 1242;

Laws 1969, c. 543, § 2, p. 2194;

Laws 1971, LB 961, § 2.

Section held constitutional, but auctioneer to be relieved of liability must meet all conditions, including actual disclosure of principal's identity. State Securities Co. v. Norfolk Livestock Sales Co., Inc., 187 Neb. 446, 191 N.W.2d 614 (1971).

Section held constitutional, but auctioneer to be relieved of liability must meet all conditions, including actual disclosure of principal's identity. State Securities Co. v. Norfolk Livestock Sales Co., Inc., 187 Neb. 446, 191 N.W.2d 614 (1971).

Where auctioneer, in good faith, without notice of security interests of Farmers Home Administration, and for principals whose identities had not been disclosed, sold cattle, he was not liable to government in conversion. United States v. Chappel Livestock Auction, Inc., 523 F.2d 840 (8th Cir. 1975).

Where auctioneer, in good faith, without notice of security interests of Farmers Home Administration, and for principals whose identities had not been disclosed, sold cattle, he was not liable to government in conversion. United States v. Chappel Livestock Auction, Inc., 523 F.2d 840 (8th Cir. 1975).

Where security agreement between bank and debtor granted security interest in livestock for farming operations rather than for personal, family, or household purposes or for business purposes, a security interest in livestock used in farming operations, as opposed to inventory, was created. First State Bank v. Maxfield, 485 F.2d 71 (10th Cir. 1973).

Where security agreement between bank and debtor granted security interest in livestock for farming operations rather than for personal, family, or household purposes or for business purposes, a security interest in livestock used in farming operations, as opposed to inventory, was created. First State Bank v. Maxfield, 485 F.2d 71 (10th Cir. 1973).

Title to the one hundred forty-five head of cattle passed to H & O Farms at the time the plaintiff delivered them and, therefor, any interest the plaintiff retained was no more than a security interest provided there was no agreement between the parties, either expressly or in course of conduct, that altered the result. Myers v. Columbus Sales Pavilion, Inc., 575 F.Supp. 805 (D. Neb. 1983).

Title to the one hundred forty-five head of cattle passed to H & O Farms at the time the plaintiff delivered them and, therefor, any interest the plaintiff retained was no more than a security interest provided there was no agreement between the parties, either expressly or in course of conduct, that altered the result. Myers v. Columbus Sales Pavilion, Inc., 575 F.Supp. 805 (D. Neb. 1983).

## Nearby sections

- [Neb. Rev. Stat. § 28-1202.01 28-1202.01](https://www.frixlaw.com/law-library/statutes/STATE_NE_C69_S28-1202.01.md)
- [Neb. Rev. Stat. § 28-1202.04 28-1202.04](https://www.frixlaw.com/law-library/statutes/STATE_NE_C69_S28-1202.04.md)
- [Neb. Rev. Stat. § 69-109 View Statute 69-109](https://www.frixlaw.com/law-library/statutes/STATE_NE_C69_S69-109.md)
- [Neb. Rev. Stat. § 69-109.01 View Statute 69-109.01](https://www.frixlaw.com/law-library/statutes/STATE_NE_C69_S69-109.01.md)
- [Neb. Rev. Stat. § 69-110 View Statute 69-110](https://www.frixlaw.com/law-library/statutes/STATE_NE_C69_S69-110.md)
- [Neb. Rev. Stat. § 69-111 View Statute 69-111](https://www.frixlaw.com/law-library/statutes/STATE_NE_C69_S69-111.md)
- [Neb. Rev. Stat. § 69-201 View Statute 69-201](https://www.frixlaw.com/law-library/statutes/STATE_NE_C69_S69-201.md)
- [Neb. Rev. Stat. § 69-202 View Statute 69-202](https://www.frixlaw.com/law-library/statutes/STATE_NE_C69_S69-202.md)
- [Neb. Rev. Stat. § 69-203 View Statute 69-203](https://www.frixlaw.com/law-library/statutes/STATE_NE_C69_S69-203.md)
- [Neb. Rev. Stat. § 69-204 View Statute 69-204](https://www.frixlaw.com/law-library/statutes/STATE_NE_C69_S69-204.md)
- [Neb. Rev. Stat. § 69-205 View Statute 69-205](https://www.frixlaw.com/law-library/statutes/STATE_NE_C69_S69-205.md)
- [Neb. Rev. Stat. § 69-206 View Statute 69-206](https://www.frixlaw.com/law-library/statutes/STATE_NE_C69_S69-206.md)
- [Neb. Rev. Stat. § 69-208 View Statute 69-208](https://www.frixlaw.com/law-library/statutes/STATE_NE_C69_S69-208.md)
- [Neb. Rev. Stat. § 69-209 View Statute 69-209](https://www.frixlaw.com/law-library/statutes/STATE_NE_C69_S69-209.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_NE_C69_S69-109.01. Check the current official text before relying on it. Not legal advice.