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Provision in Bulk Sales Agreement Regarding Information to be...

Tarrant Texas Provision in Bulk Sales Agreement Regarding Information to be Supplied by Seller

Name: Tarrant Texas Provision in Bulk Sales Agreement Regarding Information to be Supplied by Seller
Brand: US Legal Forms
Rating: 4.71 (405 reviews)

Category:

Contracts - General

State:

Multi-State

County:

Tarrant

Control #:

US-00950BG

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Description

A bulk sale is a sale of goods by a business which engages in selling items out of inventory, often in liquidating or selling a business, and is governed by Article 6 of the Uniform Commercial Code (UCC) which deals with bulk sales. Article 6 has been adopted at least in part in all states. If the parties do not comply with the notification 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.

UCC Section 6-104 specifies the duties of the bulk sales buyer, including determining the identity of the seller, and preparation of a list of claimants and a schedule of distribution. These duties are imposed on the buyer in order to give claimants the opportunity to learn of the bulk sale before the seller has been paid and disappeared with the money.

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THE PA DEPARTMENT OF STATE A Tax Clearance Certificate verifies the entity satisfied all tax obligations due to the Commonwealth, including taxes, interest, penalties, fees, charges and any other liabilities.

Bulk Sales Act is designed to prevent the defrauding of creditors by the secret sale in bulk of substantially all of a merchant's stock of goods.

A bulk sale clearance certificate from the Pennsylvania Department of Revenue verifies that a particular entity satisfied all tax obligations due to the Commonwealth of Pennsylvania, including taxes, interest, penalties, fees, charges and any other liabilities up to and including the date of transfer.

The Bulk Sale law places the responsibility squarely upon the Buyer's shoulders to comply with the provisions of the statutes, unless the transaction is handled through an escrow in which event the Escrow Holder becomes responsible to comply with certain provisions of the Act Section 6106.2(b).

The bulk transfer law is designed to prevent a merchant from defrauding his or her creditors by selling the assets of a business and neglecting to pay any amounts owed the creditors. The law requires notice so that creditors may take whatever legal steps are necessary to protect their interests.

The bulk sale law applies when taxpayers transfer more than 51 percent of assets, including real property and classes of assets such as real estate or machinery and equipment. It requires all purchasers to secure from sellers bulksale clearance certificates.

A bulk sale, sometimes called a bulk transfer, is when a business sells all or nearly all of its inventory to a single buyer and such a sale is not part of the ordinary course of business.

The main purpose of the law is to protect a business' creditors by giving them notice of a bulk sale. This prevents a situation where a business or its assets are sold and the seller walks away with the proceeds, leaving creditors unpaid.

Bulk sales legislation was enacted to protect creditors where a sale of assets has the effect of putting the debtor out of business.

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"Sale" means the transfer of property for compensation. Tarrant Business License Fee Schedule v.20160901.Location Specific, Definition. Browse 258 businesses for sale in Tarrant County, TX on BizBuySell. (b). A complete application shall be filed with the Game Room Permit Administrator. Transactions Not to be Reported. 9. They offer online car title loans for both cars and motorcycles.

Tarrant Texas Provision in Bulk Sales Agreement Regarding Information to be Supplied by Seller

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