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.
West Virginia Bulk Sales Transfer Affidavit
Category:
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Multi-State
Control #:
US-00043DR
Format:
Word;
Rich Text
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How to fill out Bulk Sales Transfer Affidavit?
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Notice must contain: All business names and addresses used by Seller and Buyer within the past three years; Location and general description of assets to be sold; Location and (expected) date of the Bulk Sale; Whether the Bulk Sale is a Small Cash Sale.
Article 6 of the Uniform Commercial Code is a uniform bulk sales act which extends the Virginia bulk sales law to auction sales and provides particulars so as to eliminate some uncertainties in Virginia law.
The bulk transfer law is a law to protect business creditors. It provides that if a buyer of a business notifies the creditors of the seller in advance that it is buying the seller's assets, then the buyer will not be liable to those creditors for the debts and obligations of the seller.
Section 5 of the West Virginia Bulk Sales Law provides in part as follows: ". . . [N]othing contained in this article shall apply to sales by executors, administrators, receivers, assignees under a voluntary assignment for the benefit of creditors, trustees in bankruptcy, or by any one acting under judicial process."
Its official name is Uniform Commercial Code?Bulk Sales. The bulk sales act is designed to protect the creditors of a business by giving them notice of a ?bulk sale? (sometimes called a bulk transfer).
A bulk sales law is a federal or state law that guides the transfer of bulk sales (all of the business assets or inventory) from a business to a buyer (generally another business) that occurs outside of the ordinary course of the business.