meaning of bulk sales acts

bulk sales acts meaning in Legal Dictionary

n. condition rules (spelled call at the Uniform Commercial Code followed usually through the nation) which need a seller associated with the business including his/her stock to a) submit notice associated with purchase, b) give written notice to all creditors, and c) create an escrow associated with the resources noticed through the sale upon which the lenders could make a claim for a brief period of time. These statutes tend to be intended to prevent a merchant from quietly offering his or her business stock and disappearing without having to pay existing creditors.