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Simple English definitions for legal terms

bulk sales acts

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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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14:40
suck what? (:
Dkk
14:42
suck at predicting
14:43
boooooo
1a2b3c4d26z
14:45
hi guys
1a2b3c4d26z
14:45
how is everyone doing this fine friday
1a2b3c4d26z
14:46
Tonight im going to go for a run and lift some weights and then eat some dinner (probably a burrito) and then I'm going to watch a scary movie with my girlfriend (probably Longlegs). I'm so excited :)
1a2b3c4d26z
14:46
What is everyone else doing tonight
1a2b3c4d26z
14:47
Besides YM of course
14:47
Yoooo I’m a lifter too
14:47
I'm all good, I'm tipsy in Zanzibar finishing an app and laughing my ass off to this:
babycat
14:48
renard what are you drinking?
BulbasaurNoLikeCardio
14:50
Feeling like sad drinking tonight, wife accidentally tossed out my truck keys and those are expensive as fuck to replace. The crappiest part is that the key chain had the "remove before flight" tab from my first aircraft's rocket pods overseas from 6 years ago. Then find out people fucked around and back dated reports at work making me look like a shit bag so I am working later tonight and missing range time which is my weekly relax/me time. Add in my sleep meds stopped working, so I am thinking vodka (so I stay skinny and hot) and pizza by the fireplace kind of friday.
1a2b3c4d26z
14:51
Renard if you're not drinking margs Im gonna throw hands
14:51
Was at a restaurant and they decided to have me try something called "Double Kick" free of charge, it's like a sugar cane liquor with pineapple flavor
1a2b3c4d26z
14:51
missing range time :(
1a2b3c4d26z
14:52
That sounds good renard but unfortunately I'll still have to throw hands
Tonight I’m Having a date with this guy who asked me out couple times
BulbasaurNoLikeCardio
14:54
What made you give in and go out after he asked a couple times?
Other failed dates
babycat
14:55
That’ll do it
Question, how many of u would sleep on first date
babycat
14:57
honestly my answer is it depends
babycat
14:57
there has to be a very specific vibe to make me want to do that. not like a regular date
babycat
14:59
and sometimes you want to and you still don’t do ir
babycat
14:59
it
babycat
15:00
but I don’t use dating apps so all my first dates are with people I’ve already met in some context, which it sounds like is your situation too
Dkk
15:00
I could never imagine myself doing that on a first date.
Dkk
15:01
@BulbasaurNoLikeCardio: hope things get better
babycat
15:01
@Dkk: what if it’s someone you’ve known for a long time but never dated?
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