minimum price

A price communicated by a landowner to his broker as the lowest price at which he will sell, irrespective of what the listing price may be. 12 Am J2d Brok § 110. A price, often referred to as an upset price, fixed by the court in a foreclosure proceeding below which the property may not be sold at the foreclosure sale. 37 Am J1st Mtg § 864. The minimum amount for which property must sell at an execution sale, being fixed by statute at a designated proportion of the appraised value. 21 Am J2d Exec § 227. A price, fixed as a condition of an auction sale, below which the property will not be sold. 7 Am J2d Auct § 18. A reserved price, which it is proper and not unusual in judicial sales, as in other sales at auction, for the court or trustee who conducts the sale to fix, which fixed minimum price must be equalled or exceeded by the highest bid in order that such bid may be accepted and reported. 30A Am J Rev ed Jud S § 93. A price regulation by law aimed at curbing harmful competition. Nebbia v New York, 291 US 502, 78 L Ed 940, 54 S Ct 505, 89 ALR 1469.