- bulk sales acts
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n.state laws (spelled out in the Uniform Commercial Code adopted generally throughout the country) which require a seller of the business including his/her inventory to a) publish notice of the sale, b) give written notice to all creditors, and c) set up an escrow of the funds realized from the sale upon which the creditors can make a claim for a brief period of time. These statutes are intended to prevent a merchant from quietly selling his/her business inventory and disappearing without paying current creditors.
Law dictionary. EdwART. 2013.
bulk sales acts
Look at other dictionaries:
Bulk Sales Acts — Statutes intended for the protection of creditors of merchants, providing that the sale of all or any portion of a stock of merchandise otherwise than in the ordinary course of trade shall be fraudulent and void against creditors of the seller,… … Ballentine's law dictionary
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
bulk sale — see sale Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. bulk sale n. A transfer or sal … Law dictionary
bulk — Unbroken packages. Merchandise which is neither counted, weighed, nor measured. The aggregate that forms a body or unit. When used in relation to sale of goods by sample, bulk means the whole quantity of goods sold, which is supposed to be fairly … Black's law dictionary
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