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Simple English definitions for legal terms

bulk sales acts

Read a random definition: symbolaeography

A quick definition of bulk sales acts:

Bulk sales acts are laws that require a business owner who is selling their inventory to notify their creditors and set up an account where the funds from the sale will be held for a short period of time. This is to make sure that the business owner cannot sell their inventory and disappear without paying their debts.

A more thorough explanation:

Definition: Bulk sales acts are state laws that require a seller of a business, including their inventory, to take certain steps to protect the interests of their creditors. These steps include publishing notice of the sale, giving written notice to all creditors, and setting up an escrow account for the funds from the sale. The purpose of these laws is to prevent a seller from selling their inventory and disappearing without paying their creditors.

For example, let's say that John owns a small grocery store and wants to sell it to Mary. Before the sale can take place, John must follow the bulk sales acts in his state. He must publish a notice of the sale in a local newspaper, give written notice to all of his creditors, and set up an escrow account for the funds from the sale. This gives John's creditors a chance to make a claim on the funds before he can use them to pay off other debts or disappear.

Another example would be if Sarah owns a clothing store and wants to sell it to her sister. Even though they are family, Sarah still needs to follow the bulk sales acts in her state. She must publish a notice of the sale, give written notice to all of her creditors, and set up an escrow account for the funds from the sale. This ensures that Sarah's creditors have a chance to make a claim on the funds before she can use them to pay off other debts or disappear.

These examples illustrate how bulk sales acts work to protect the interests of a seller's creditors. By requiring the seller to take certain steps before selling their business, these laws ensure that creditors have a chance to make a claim on the funds from the sale before the seller can use them to pay off other debts or disappear.

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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