A bulk sale is a sale of goods by a business which engages in selling items out of inventory, often in liquidating or selling a business, and is governed by Article 6 of the Uniform Commercial Code (UCC) which deals with bulk sales. Article 6 has been adopted at least in part in all states. If the parties do not comply with the notification process for a bulk sale, creditors of the seller may obtain a declaration that the sale was invalid against the creditors and the creditors may take possession of the goods or obtain judgment for any proceeds the buyer received from a subsequent sale.
Section 6-103(5) provides in part that the buyer must give notice that he has assumed or will assume the debts that were incurred in the seller's business before the date of the bulk sale. Notice of the assumption must be given not later than 30 days after the date of the bulk sale by either: (a) sending or delivering a notice to each creditor whose debt is assumed; or (b) filing a notice in a central state office designated by the local variation of the Code.
Puerto Rico Public Notice by Buyer of Assumption of all Debts of Seller: A Puerto Rico Public Notice by Buyer of Assumption of all Debts of Seller is a legal document that officially notifies the public that a buyer has assumed all the debts and liabilities of a seller in a specific transaction. This notice is usually published in local newspapers and other public forums to ensure transparency and inform concerned parties about the change in debt responsibilities. In Puerto Rico, there are generally two types of Public Notices by Buyer of Assumption of all Debts of Seller: 1. Residential Property Transaction: This notice is issued when a buyer assumes the debts of a seller in a residential property transaction such as the purchase of a house, apartment, or condominium unit. It includes the identification of the property, names of the buyer and seller, and a detailed list of assumed debts, which may include mortgage loans, liens, or any other outstanding financial obligations related to the property. 2. Commercial Property Transaction: This notice is published when a buyer assumes the debts of a seller in a commercial property transaction. It applies to various commercial properties like office spaces, retail establishments, industrial facilities, or vacant land intended for commercial development. Similar to the residential notice, details about the property, involved parties, and the debts being assumed are listed in the notice. Keywords: Puerto Rico, Public Notice, Buyer, Assumption, Debts, Seller, Residential Property Transaction, Commercial Property Transaction, Mortgage Loans, Liens, Financial Obligations, Transparency, Local Newspapers, Legal Document.
