- bulk sales law
A law that regulates the transfer of business assets so that business owners cannot dispose of assets in order to avoid creditors. If a business owner wants to conduct a bulk sale of business assets — that is, get rid of all or most of its inventory, merchandise, or equipment — the business owner must give written notice to creditors and, in some states, publish and record a notice of the sale. Only a few states still have a bulk sales law, and in most it applies only to companies that manufacture or sell inventory from stock. The Uniform Commercial Code and most states have repealed their bulk sales law since remedies are provided by the Fraudulent Transfer Act.Category: Business, LLCs & Corporations → Buying or Selling a BusinessCategory: Business, LLCs & Corporations → LLCs, Corporations, Partnerships, etc.
Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.
Look at other dictionaries:
bulk-sales law — noun : a statute regulating the sale of stocks of goods in bulk where creditors may be prejudiced … Useful english dictionary
bulk sales laws — USA bulk sales laws, Also known as bulk transfer laws. These are state laws which require, among other things, a buyer to give notice to the seller s creditors if it is acquiring a significant portion of the seller s business or assets. Most… … Law dictionary
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bulk sale acts — n. Statutes that require a business planning a bulk sale to first notify creditors, designed to protect creditors from secret bulk sales. The Essential Law Dictionary. Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008 … Law dictionary
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