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.
Oklahoma Bulk Sales Transfer Affidavit
Category:
State:
Multi-State
Control #:
US-00043DR
Format:
Word;
Rich Text
Instant download
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How to fill out Bulk Sales Transfer Affidavit?
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Section 7-13-275 - Exemption for disabled veterans in receipt of compensation at the 100% rate, unremarried surviving spouses thereof, and unremarried surviving spouses of persons who died while in the line of duty (a)General provisions for exemption afforded certain veterans.
Sales qualifying for the exemption is limited to $1,000.00 per year for the Surviving Spouse. Oklahoma 100% Disabled Veteran Motor Vehicle Tax Exemption: The exemption may be claimed on only one vehicle in a consecutive three-year period by any single qualifying Veteran. The exemption applies to motor vehicles only.
Section 7-19-77 - Dues and fees (a)General provisions. Dues, fees, or any charge, payment, or contribution required as a condition precedent to membership in a club; or for access to the club establishment; or for access to or use of facilities, equipment, services, or privileges are subject to sales tax.
Bulk sales laws apply to transfers of significant assets that are not made in the ordinary course of business, and they generally require the Buyer to notify the Seller's creditors of the acquisition prior to the Closing so the creditors can protect their interests.
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.
Section 7-13-15 - "Agricultural production" defined; taxable and exempt transactions (a)Definitions. For the purposes of this Section: (1)"Agricultural production" and "production of agricultural products" is limited to what would ordinarily be considered a farming or ranching operation undertaken for profit.
Oklahoma 100% Disabled Veteran Property Tax Exemption: Oklahoma offers a 100% property tax exemption for eligible disabled Veterans and their Surviving Spouse. This exemption is for the full fair cash value of the homestead.
If you have any questions concerning the validity of a document or a claimed exemption, or need to verify sales tax and agricultural exemption permits - contact 405.521. 3160.