The theme of this article is California law known as the bulk sales method. The relevant statutes governing California's bulk sale law are in the California Commercial Code sections 6101 to 6111. The California State Commercial Law is a version that the California State Legislature passed Article 6 of the Unified Commercial Code.
Bulk sales law applies to seller's inventory and sales that is not a normal sales process occupying more than half of equipment. The seller is primarily responsible for selling inventory from inventory. They sell by the owner of the restaurant.
According to the bulk sales method, at least 12 days before the sale, a notice to that effect is recorded in the office of the county recorder in the county where the seller or the target asset exists, and the notice of that fact is recorded in the general distribution newspaper Please sell it at least once.
With few exceptions, a buyer not compliant with Articles 6104 and 6105 of the Commercial Code of California shall be liable for creditors' damages against creditors of the seller. Even if the purchaser complies with the bulk sales law, claims are reduced by any amount not realized by the creditors.
There is a very short law in the bulk sales law that nothing happens if two years have passed since the batch sale date regardless of the situation. Some have gained some hint that someone borrowing money may be thinking about selling their business needs and acting and acting quickly.
California Commercial Code Article 6110 contains details on the statutory law of the bulk sales law.
To view the full text of California commercial codes or other California codes, please visit this website: http: //www.leginfo.ca.gov/calaw.html
The California State Court of Appeal claims that in the enactment of the Bulk Sales Act, the California State Assembly covers two forms of commercial fraud. First, the commercial debtor's fraud that sells stocks to friends at a lower amount than its value. His creditors are less than his debt and are hoping to come back to business "through the back door" later. Second, a commercial debt fraud that sells shares to someone, including good buyers, sells shares regardless of price, leaving the creditors free of charge.
In addition, the United States District Court for the Eastern District of California, the central purpose of the mass selling law is to sell that creditors of franchises give franchisees the opportunity to satisfy their claims.
The author enjoys this article and is sincerely hoping for benefit.
Best regards,
Stan Berman
EmoticonEmoticon