What must an auctioneer do with all monies coming into their possession?

An auctioneer is required to deposit all monies that come into their possession into an escrow account. This requirement is in place to ensure that funds are securely held and properly managed, providing a clear distinction between the auctioneer's personal finances and the funds that are meant for business transactions.

The use of an escrow account helps to protect the interests of both the seller and the buyer, as it provides a trusted third-party location where funds can be held until all conditions of the auction are met. This maintains transparency and accountability in financial dealings, which is critical in maintaining the trust of clients and adhering to legal and ethical standards in the auction industry.

In contrast, depositing funds into personal savings would mingle personal finances with business transactions, which is not permissible. Similarly, putting them into a general fund fails to provide the necessary separation and accountability that an escrow account offers. Using funds for immediate business expenses also jeopardizes the proper handling and allocation of money that rightfully belongs to a client or third party.