bulk sale laws
- State laws (modeled on those in the Uniform Commercial Code) that require the seller of a business or a large amount of business assets or inventory to publish notice of the sale, give written notice to all creditors, and set up an account to hold the funds from the sale for a brief period during which creditors may make claims against the money. These laws are intended to prevent the sale of business assets to avoid paying current creditors.
Business law dictionary. 2015.
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