You would, most likely, be arrested. Maybe the auctioneers arent thinking that it is that serious, but when you get a notarized promisory note...IT IS LAW! You have to abide. If you are found to be in violation of your promisory note, then you can be arrested. Now, the matter of them catching you, that is another issue.
If someone was to win the auction, they should give up their hunting rights..plain and simple. He who is bold enough to put his rights up for auction should abide when his rights are bought.
Just because these two hunters are bold doesnt mean that they shouldnt be honest.