This is a Bulk Sale Notice. It is a statutory form to be used in the State of Indiana.
Indiana Bulk Sale - Notice of Sale
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FAQ
The buyer is typically responsible for assuring that creditors are paid out of closing proceeds. Often buyers and sellers choose not to notify creditors ahead of the sale so as to not disrupt the normal flow of business. In this instance, a buyer and seller may agree to waive compliance with the Bulk Sale Act.
The sale of a large number of real estate properties at the same time as if they were one unit. The properties are not connected and usually have nothing in common except that they are sold in the same transaction.
BULK SALES. Sec. This chapter shall be known and may be cited as Uniform Commercial Code-Bulk Sales.
The sale of a large number of real estate properties at the same time as if they were one unit. The properties are not connected and usually have nothing in common except that they are sold in the same transaction.
A bulk sales agreement sets forth the terms and conditions regarding the transfer of a large segment of the seller's materials, merchandise and the like. The contract must be for the purpose of transferring business assets.
The purpose of the bulk sales law (Act 3952) is to prevent the defrauding of creditors by secret sale or disposal in bulk of all or substantially all of the merchant's stock or goods.
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).
