Bulk Sale

A bulk sale, sometimes called a bulk transfer, is a sale of goods by a business that represents all or substantially all of its inventory to a single buyer unless such a sale would be common in the ordinary course of its business. In order to protect the purchaser from claims made by creditors of the seller, the seller must usually complete an affidavit outlining its secured and unsecured creditors. The affidavit must usually be filed with a government department, such as a court office. Such procedures are outlined in the bulk sales act of most jurisdictions. If the buyer does not complete the registration 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.

Read more about Bulk Sale:  History, Application

Other articles related to "bulk sale, sale, bulk, sales":

Bulk Sale - Application
... Although statutes vary, the legal requirements for a bulk sale generally apply to a sale of all or most of the materials, supplies or inventory of a business in a way not normally done in the ordinary ... Bulk transfers are governed by Uniform Commercial Code Article 6 ... of revisions to other provisions of the UCC that apply to sales and secured transactions ...

Famous quotes containing the words sale and/or bulk:

    [T]he dignity of parliament it seems can brook no opposition to it’s power. Strange that a set of men who have made sale of their virtue to the minister should yet talk of retaining dignity!
    Thomas Jefferson (1743–1826)

    The truth is that a Pigmy and a Patagonian, a Mouse and a Mammoth, derive their dimensions from the same nutritive juices.... [A]ll the manna of heaven would never raise the Mouse to the bulk of the Mammoth.
    Thomas Jefferson (1743–1826)