Prewar Lionel Standard Gauge 402E Electric Locomotive

The property in the sale will be offered for sale by Toys Trains and Other Old Stuff LLC (Auctioneer) on behalf of the owners of the property, referred to as the seller, and will be governed by the terms and conditions set forth herein (the Agreement). Auctioneer is the agent of the seller.Bidders Registration. All persons who wish to bid in the auction must register and obtain a unique bidder number. To register, you must provide all of the registration information requested, sign the Agreement, and submit the form to the Auctioneer. All bidders must be 18 years of age or older and completely provide the information requested. Auctioneer reserves the right to refuse to register or permit any person to bid at its sole discretion. Bidder may register for the auction by phone, email, or internet. In connection with such registration, Bidder will be required to provide a credit card number (Visa, Master Card, American Express, or Discover) for verification of an intent to bid. Please follow the instructions carefully to make sure that the registration process is complete and accepted. Invoices and correspondence relating to purchases will be sent in according to the information on the bidders registration.Registration Confirmation. Bidder will be e-mailed registration approval upon successful completion of the registration process. Registration for internet bidding closes twenty four (24) hours prior to the auction. Bidder should register as early as possible to obtain information about the property and increase the likelihood of being notified of any pertinent changes that take place prior to the auction. The bid number, authorization, and login information given to Bidder upon successfully registering to bid shall only be used by Bidder during the auction to bid on the property. The registration is not transferable or assignable. No one else may register for Bidder or participate on Bidders behalf.Payment. Payment in full (including the buyers premium when applicable) must be paid in the form of cash, wire transfer, checks, money order, all major credit cards (if you have a question about whether a credit card is accepted please call Auctioneer before bidding), prior to the removal/delivery of any property purchased and/or within 30 days of the auction end. Checks can take up to fourteen (14) days to clear. Auctioneer reserves the rights to refuse credit card payments on any lot. Bidder shall pay the purchase price, the buyers premium, shipping and handling charges (if any), plus any and all applicable taxes, currently 7% if bidding from inside the state of Indiana, unless such taxes are exempted by law (proof of exemption must be provided). Out of state buyers having items shipped to them shall currently NOT pay any taxes. Bidder must make payment within three (3) days after notification of the sale or the credit card which was used to register will be charged to fulfill bidders responsibility. Failure to fulfill Bidders payment obligations will affect future bidding privileges.Buyers Premium. An 18.5% buyers premium will be charged in this sale with a 3.5% discount for cash, checks, money orders or wire transfer.  Wire transfer necessary on any invoice paid online more than $5000. The buyers premium is an advertised percentage of the high bid or flat fee added to the high bid to determine the total contract price to be paid by Bidder. For example, if the winning bid is $100 and there is a ten percent (10%) buyers premium, the premium will be $10.00, for a total bid of $110.00. This amount does not include any taxes that may also be due. For those attending the live auction in person at 1951 W Division Rd, Fowler, IN 47944, there is a 10% buyers premium. For those participating in the auction via the internet there is an 18.5% buyers premium. Bidders participating in-house will be charged a 13.5% buyers premium with a 3.5% discount for cash, checks, money orders or wire transfer.  Those wanting to bid via phone bids or absentee placed over the phone will be charged a 16.5% buyers premium with a 3.5% discount for cash, checks, money orders or wire transfer.The buyers premium will be paid by all bidders attending the auction, no exceptions. The buyers premium does not create any agency relationship between Bidder and Auctioneer. Auctioneer is the agent of the seller only.  Any partial payments will be surrendered if the invoice is not paid in full within 30 days of the completion date of the auction, we do not do layaway.  The only time that this policy would be overlooked is if there was a written contract in place between the Bidder and the Auctioneer prior to the auction laying out the terms between the two parties.Stop Payment/Insufficient Funds. Upon making payment for a lot(s), no stop payment of funds will be honored. Any stop payment order of a check, or giving a check which is returned marked insufficient funds, shall be deemed by the parties to be prima facie evidence of fraud existing at the time the transaction was consummated and shall be construed by the parties as intent to defraud.Acceptance of Terms. A bid placed by any person shall be conclusive proof that he or she acquainted himself or herself with the terms and conditions of sale and agreed to be bound by such terms and conditions prior to placing any bid.Representations and Warranties. All representations and/or warranties made, if any, are between Bidder and Seller. Auctioneer shall not be held responsible for the correctness of any representations and/or warranties of any kind with respect to the property. Auctioneer shall not be held responsible for any representations and/or genuineness of description of any property. UNLESS OTHERWISE EXPRESSLY NOTED BY AUCTIONEER, ALL SALES ARE FINAL AND ALL PROPERTY IS SOLD ?AS IS,? ?WHERE IS,? AND ?WITH ALL FAULTS? ? THERE ARE NO EXPRESS OF IMPLIED WARRANTIES (INCLUDING THE WARRANTY OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE) ON THE LOT OR LOTS. ANY AND ALL WARRANTIES (UNLESS EXPRESSLY NOTED OTHERWISE) ARE DISCLAIMED AND WAIVED BY BIDDER.Sales Final and Inspection of Lots. Bidder acknowledges that Bidder has been provided the opportunity to inspect (including reviewing pictures and asking questions about) the property before purchasing same. Bidder has or has not inspected the property at Bidder?s sole discretion. Bidder is solely responsible for determining the condition of any property.Reserve Auctions. Unless explicitly stated otherwise by Auctioneer, each lot is being sold with reserve as a reserve auction. This paragraph is applicable to all reserve auctions. Auctioneer and seller reserve the right to withdraw any property before and during the sale of such property. The seller reserves the right to reject any and all bids for any reason. The reserve price may not be disclosed. All bids must be raised in reasonable increments and Auctioneer, at its sole and complete discretion, may reject a nominal bid advance. Auctioneer reserves the right to place a bid on any lot on Auctioneers own behalf.Without Reserve Auctions. This paragraph only applies to lots sold without reserve, otherwise known as an absolute auction. Auctioneer and the seller reserve the right to and may withdraw any property or cancel the sale at any time prior to calling for bids at the beginning of the auction. After Auctioneer has started calling for bids, the property may be withdrawn if there are no bids within a reasonable period of time. Once a bid has been made for the property, it may not be withdrawn.Disputes between Bidders. In case of any dispute between bidders, Auctioneer, at his or her sole and complete discretion, may reopen the bidding pursuant to specific terms determined by Auctioneer between the two highest bidders only, until the property is sold. If a dispute arises after the sale of any lot, the Auctioneer?s records shall be deemed conclusive in all respects.Bidding. It is the responsibility of the bidder to make sure that Auctioneer is aware of his or her intent to place a bid. AUCTIONEER DISCLAIMS ANY LIABILITY FOR DAMAGES, WHETHER DIRECT, INDIRECT, CONSEQUENTIAL, OR INCIDENTAL, RESULTING FROM BIDS NOT SPOTTED, RECEIVED, EXECUTED, OR ACCEPTED. BIDDER ACKNOWLEDGES THAT AUCTIONEER DOES NOT HAVE ANY RESPONSIBILITY OR LIABILITY FOR THE WEBSITE(S) USED FOR INTERNET BIDDING. BIDDER ACKNOWLEDGES THAT THE AUCTIONEER MAY NOT HAVE ANY CONTROL OVER THE WEBSITE(S) AND CANNOT GUARANTEE ITS OPERATION OR PERFORMANCE. THERE ARE OCCASIONAL INTERRUPTIONS AND DELAYS RELATING TO THE USE OF THE INTERNET AND THE WEBSITE. FURTHERMORE, AUCTIONEER SHALL NOT BE HELD LIABLE (FOR LOST PROFITS OR SPECIAL DAMAGES) OR RESPONSIBLE FOR THE FUNCTION OF THE WEBSITE OR ITS INABILITY TO FUNCTION. BIDDER ACKNOWLEDGES THAT HARDWARE MALFUNCTIONS, SOFTWARE MALFUNCTIONS, VIRUSES, AND SIMILAR ISSUES DO OCCUR AND ARE BEYOND THE KNOWLEDGE, SCOPE, AND CONTROL OF AUCTIONEER. USE OF THE INTERNET BIDDING OPTION THROUGH ANY WEBSITE IS AT YOUR OWN RISK. TO ENSURE PROPER BIDDING, BIDDER SHOULD BE CAREFUL AND CONSIDER ATTENDING THE LIVE AUCTION. AUCTIONEER DOES NOT GUARANTEE ITS WEB SITES USE OR FUNCTION. Bidders should also be careful to bid on the correct lot and ensure that Bidders bid is for the amount intended. Auctioneer is not responsible for errors in bidding.Acceptance of Bids. The Auctioneer may disqualify or refuse any bid believed to be fraudulent, illegitimate, not in good faith, made by someone who is not competent, or made in violation of this Agreement or any applicable law.Transfer of Title. When Auctioneer notifies Bidder that a specific lot is "SOLD" or identifies a winning bidder, title for that lot shall immediately pass to the successful bidder, who then and there assumes the full risk and responsibility for the property. All property shall be removed from the sale premises by the Bidder at Bidders own risk and expense, or shipping arrangements made, within the time period specified by Auctioneer, except as provided for herein.Jurisdiction. The website is administered by Auctioneer from its offices in the United States of America. Individuals must reside within the United States of America to register to bid online. Auctioneer will not accept bids from individuals who reside outside of the United State of America and its territories with exception of the following statement. If you access the website from a location outside of the United States of America and its territories, Bidder consents to exclusive and continuing jurisdiction in the United States of America and agrees to be bound by and comply with all applicable laws. Auctioneer reserves the right to deny any person for any reason permission or access to bid online.Falling Gavel. During the sale of each lot or in the event that a bid is made while the gavel is falling, Auctioneer may reopen the bidding at his or her sole and complete discretion.Notification. The successful Bidder will be notified by telephone, internet notice, and/or email within two (2) business days after the auction closes.Limitation of Liability. For bidders who attend the auction live at the premises of the Auctioneer, neither Auctioneer nor seller shall be liable for any damage and/or injury to any property and/or person at and/or upon the sale premises. Each person entering upon the sale premises assumes any and all risks whatsoever for his or her safety (and for any minors with him or her). AUCTIONEER IS NOT RESPONSIBLE FOR ANY LOST, STOLEN, OR DAMAGED PROPERTY.Breach of Contract. If this Agreement, or any terms and conditions announced by Auctioneer, are not complied with, in addition to other remedies available to the seller by law, including without limitation, the right to hold the Bidder liable for the bid price, Auctioneer and seller may: (1) publicly or privately resell the property, with the non-complying Bidder being held liable for the payment of any deficiency purchase price, plus all costs incurred; and/or (2) cancel the sale and retain as liquidated damages all payments made by the non-complying Bidder. Auctioneer's commissions, all incidental damages, expenses, court costs, costs of collection, including attorneys' fees, will be charged to and be the responsibility of the non-complying Bidder.Memorandum of Sale. Bidder authorizes Auctioneer to execute any memorandum of sale on behalf of and in the name of Bidder, or in Auctioneer?s own name, in connection with the purchase of any lot, in accordance with Bidder?s bid.Auctioneer Liability. Auctioneer acts solely as an agent for seller and is not a party to any contract for the sale of any property offered by the seller for sale and/or sold at this auction. IN NO EVENT SHALL AUCTIONEER BE LIABLE TO BIDDER FOR ANY INDIRECT, SPECIAL, OR CONSEQUENTIAL DAMAGES OR LOST PROFITS ARISING OUT OF OR RELATED TO THIS AUCTION OR THE PERFORMANCE OR BREACH THEREOF. AUCTIONEER?S LIABILITY TO A BIDDER SHALL IN NO EVENT EXCEED THE TOTAL OF THE PURCHASE PRICE, BUYER?S PREMIUM, AND TAXES PAID BY BIDDER TO AUCTIONEER, REGARDLESS OF WHETHER BIDDER?S CLAIM IS BASED ON CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE.Sale of Lots. All sales are to be per lot, unless otherwise mentioned by the Auctioneer. Auctioneer reserves the right to include in the auction any lot and the right to withdrawal any lot prior to calling for bids at the beginning of the auction. Auctioneer may combine, subdivide, regroup or reorganize any lots.Recording Devices. No photographs, tape recordings and/or video recordings of any type of the live auction are permitted without the express written prior approval of Auctioneer.Severability. If any provision of this Agreement is declared or determined to be null, void, inoperative, illegal or invalid for any reason, the validity of the remaining parts, terms or provisions will not be affected thereby and they will retain their full force and affect, and said null, void, inoperative, illegal or invalid part, term or provision will not be deemed to be part of this Agreement.Interpretation. Each party to this Agreement acknowledges that it has read, or has had the opportunity to read, the terms provided herein. The parties agree that this Agreement reflects the terms as agreed to by the parties hereto. In the event a term or terms is considered ambiguous, neither party hereto, nor their respective counsel, will be considered the draftsperson of this Agreement for the purpose of causing the terms of this Agreement to be construed against a party hereto.Applicable Law. The parties hereto acknowledge and agree that this Agreement is made and entered into in the State of Indiana, and will in all respects be interpreted, enforced and governed under the internal laws (and not the conflicts of laws) of the State of Indiana. In the event that the parties hereto, or any one of them, litigate any actual or potential breach of this Agreement, the parties hereto stipulate and agree that the exclusive and continuing venue for any such action will be in Benton County, Indiana, or the United States District Court, Northern District of Indiana, , Lafayette Division.Rights not Transferable. All rights granted herein are personal and exclusive to the registered bidder, and may not be assigned or transferred to another person or entity, by operation of law or otherwise. Any attempt to assign or transfer any such rights shall be void and unenforceable. No third party may rely on any benefit or right conferred herein or granted to any bidder.Partial Payment. In the event that the Bidder pays only a portion of the purchase price for any or all lots purchased, Auctioneer shall apply the payment received to such lot or lots as Auctioneer, in its sole discretion, deems appropriate.Shipping will done in house by professionals with 5+ years of experience. We use brand new boxes, foam wrap, bubble wrap, packing peanuts and other materials that are necessary in getting your items to you in the same condition that they were presented in the photos. We pack as quickly as possible but some items require more care than others. We use a web based shipping solution called shipping saint that allows us to offer commercial shipping rates while at the same time keeping track of the time that is spent and the rest of the materials so that we can accurately charge you. From this point forward, you will receive an invoice immediately following the sale with the hammer price and 20% buyers premium. Once payment has been received, we will begin packing your order and a separate invoice will come for the shipping charges. Once that has been paid and we create a label, you will be notified via email and text about your tracking number and when you might expect to receive your new items. Any bidder refusing to pay the shipping and handling costs after the items have been paid for shall therefore surrender title to the items after 120 days have passed from the first invoice for shipping. Chargebacks on credit cards due to refusal to pay shipping will be disputed in a court of law in Benton County, IN at the cost of the bidder.We do not test trains for operability in most cases. Sometime, when we have extra time to do so we will test them but even if we have found it to be in working order, we do not guarantee that it will run after being shipped. These items are many times 30 to 120 years old and will need maintenance or lubrication before attempting to operate them. The items are ALL graded on appearances ONLY, never on operability.All items have been graded as per TCA standards that are as follows:C1 Junk-parts value onlyC2 Restoration requiredC3 Poor- requires major body repair: heavily scratched, major rust, missing parts, major restoration candidateC4 Fair-scratched: moderate, paint loss, dented, missing parts, surface rust, evidence of heavy useC5 Good- sign of play wear: with scratches and minor paint loss, small dents, minor surface rust, evidence of heavy useC6 Very good: minor scratches and paint nicks, minor spots of surface rust, free of dents, may have minor parts replacedC7 Excellent-all original: minute scratches and paint nicks, no rust, no missing parts, no distortion of component partsC8 Like New-complete all original: No rust, no missing parts, may show affects of being on display and/or age, may have been runC9 Factory New-brand new: all original, unused, may evidence factory rubs and the slightest evidence of handling, shipping and having been test run at the factoryC10 Mint-brand new: all original, unused and unblemished.Items are inspected and or graded by a professional in the toy industry with nearly 20 years of experience. We do occasionally miss a minor detail, we are human but we do our best to grade by the highest standards, not with wishful thinking but with reality. We will accept return for items grossly misadvertised but everything aside, the items are sold as is and any inspection or final grade or condition shall be determined by the buyer. Inspection by buyers is available but generally not necessary as we do our best to point out any issues but as previously stated, we are not perfect and are capable of missing a small detail once in a while.CONDITION OF FIREARMS. Toystrainsandotheroldstuff LLC makes no warranties or representations whatsoever and no employee or consultant of Toystrainsandotheroldstuff LLC has the authority to do otherwise, concerning the operation of firing condition, fitness for use, safety to store, or reliability, of any firearm, ammunition, or parts. Use of any firearm or ammunition purchased from Toystrainsandotheroldstuff LLC is entirely at the user's risk. Toystrainsandotheroldstuff LLC strongly recommends that all weapons, ammunition, etc. purchased at auction be examined by a competent gunsmith. Toystrainsandotheroldstuff LLC expressly disclaims any liability whatsoever for accident, injury or damage resulting to any person from the storage or subsequent use of any such lot.LIMITATION OF LIABILITY. EXCEPT AS EXPRESSLY PROVIDED ABOVE, ALL PROPERTY IS SOLD AS IS. NEITHER Toystrainsandotheroldstuff LLC NOR THE CONSIGNOR MAKE ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE TITLE, MERCHANTABILITY, FITNESS OR CONDITION OF THE PROPERTY OR AS TO THE CORRECTNESS OF DESCRIPTION, GENUINENESS OF ANY ITEM. ALL FIREARMS AND AMMUNITION ARE SOLD AS COLLECTOR LOTS ONLY. FITNESS TO FIRE OR OTHERWISE DISCHARGE THE ARM OR AMMUNITION IS EXPRESSLY DENIED BY Toystrainsandotheroldstuff LLC. A COMPETENT GUNSMITH SHOULD BE CONSULTED BEFORE ATTEMPTING TO USE OR FIRE ANY FIREARM OR AMMUNITION. THE PURCHASER EXPRESSLY ACKNOWLEDGES AND AGREES THAT IN NO EVENT SHALL Toystrainsandotheroldstuff LLC BE LIABLE FOR ANY DAMAGES INCLUDING WITHOUT LIMITATION ANY COMPENSATORY, INCIDENTAL OR CONSEQUENTIAL DAMAGES.Winning bidders purchasing firearms that cannot be legally possessed or delivered to their state of residence will have the sale canceled and refunded their payment for that item less a 25% restocking fee or a minimum of $100, whichever is greater. It is YOUR RESPONSIBILITY to know firearms laws and what can be legally purchased and shipped to your state. Once a firearm has been transferred to your FFL of choice, there will be no returns or refunds accepted.

Items purchased at auction by in-house bidders shall be removed after payment is made.  Online bidders may schedule pick up or have their items shipped.