Georgia Sale of Assets of Corporation with No Necessity to Comply with Bulk Sales Laws
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FAQ
The Bulk Sale law places the responsibility squarely upon the Buyer's shoulders to comply with the provisions of the statutes, unless the transaction is handled through an escrow in which event the Escrow Holder becomes responsible to comply with certain provisions of the Act Section 6106.2(b).
Related Content. 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.
Georgia UCC Article 6, Bulk Sales Transactions, Repealed Effective July 1. On , the governor signed Georgia Senate Bill 65, which made changes to several areas of the state's commercial law. One of these changes was the repeal of UCC Article 6, Bulk Sales Transactions.
Bulk sales legislation was enacted to protect creditors where a sale of assets has the effect of putting the debtor out of business.
A bulk sale, sometimes called a bulk transfer, is when a business sells all or nearly all of its inventory to a single buyer and such a sale is not part of the ordinary course of business.
The bulk transfer law is designed to prevent a merchant from defrauding his or her creditors by selling the assets of a business and neglecting to pay any amounts owed the creditors. The law requires notice so that creditors may take whatever legal steps are necessary to protect their interests.
Under California law, a bulk sale is defined as a sale of more than half of a business' inventory and equipment, as measured by fair market value, that is not part of the seller's ordinary course of business. In order for the law to apply, the seller has to be physically located in California.
The key elements of a Bulk Sale are: any sale outside the ordinary course of the Seller's business. of more than half the Seller's inventory and equipment. as measured by the fair market value on the date of the Bulk Sale Agreement (Agreement).
The bulk transfer law is a law to protect business creditors. It provides that if a buyer of a business notifies the creditors of the seller in advance that it is buying the seller's assets, then the buyer will not be liable to those creditors for the debts and obligations of the seller.