As used in this article, unless the context otherwise requires:

1. (1) Date of sale means the date on which a public auction begins.
2. (2) Electronic funds transfer means a transfer of funds initiated by using an electronic terminal, telephonic instrument, or computer or magnetic tape to order or authorize a financial institution to credit or debit an account. Electronic funds transfer does not include a transaction originated by check, draft, or similar paper instrument.
3. (3) Negotiable paper means a bank check, draft, express or post office money order, or cashier's checks approved by the treasurer.
4. (4) Public auction means the sale of lands or town lots under this article at a venue or through a medium that allows members of the public to bid and purchase the lands or town lots.

Source: L. 2005: Entire section added, p. 1234, § 1, effective June 3.