A Bulk Sales Affidavit Form is used by a seller of a business to inform the buyer of all creditors of the business and the amount of their claims against the business. Generally, failure to comply with the Bulk Sales or Transfers Act portion of the Uniform Commercial Code will mean that original creditors of a seller will have a lien against the assets and inventory which are transferred to the buyer.
Virginia Bulk Sales Transfer Affidavit
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Multi-State
Control #:
US-00043DR
Format:
Word;
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How to fill out Bulk Sales Transfer Affidavit?
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FAQ
These transactions are governed by Article 6 of the Uniform Commercial Code, which has been adopted in most jurisdictions, the primary purpose of which is to put creditors of the seller on notice that the majority of the seller's assets are being sold.
Article 6 of the Uniform Commercial Code is a uniform bulk sales act which extends the Virginia bulk sales law to auction sales and provides particulars so as to eliminate some uncertainties in Virginia law.
In a bulk sale, the entire business is sold as a single entity. This includes all of the assets and liabilities of the business. In contrast, in an asset sale, only the assets of the business are sold ? not the liabilities.
A bulk sale means the sale, transfer, or assignment of business assets outside of the ordinary course of business by a person or entity. Business assets include, among others, tangible personal property, real property, and intangible assets (e.g., intellectual property rights or goodwill).
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.
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 Sales Act is intended to protect the trade creditors of retailers and manufacturers who sell their stock without first paying their debts. This protection is achieved by imposing certain duties on the purchaser of the stock.