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LICITATION

TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed.

In the civil law. An offering for sale to the highest bidder, or to him who will give most for a thing. An act by which co heirs or other co proprietors of a thing in common and undivided between them put it to bid between them, to be adjudged and to belong to the highest and last bidder, upon condition that he pay to each of his co proprietors a part in the price equal to the undivided part which each of the said co proprietors had in the estate Itcited, before the adjudication. Poth. Cont. Sale, nn. 516, 638.

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