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[Latin licitatio, from licitari to bid a price, from licere to be for sale]
: the act of offering for sale or bidding at an auction
in the civil law of Louisiana
: a mode of partitioning property held in common by sale at auction
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.