Dictionary of Law
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bulk sales acts :: legal definition


Bulk sales acts - n. state laws (spelled out in the Uniform Commercial Code adopted generally throughout the country) which require a seller of the business including his/her inventory to a) publish notice of the sale, b) give written notice to all creditors, and c) set up an escrow of the funds realized from the sale upon which the creditors can make a claim for a brief period of time. These statutes are intended to prevent a merchant from quietly selling his/her business inventory and disappearing without paying current creditors.


Related Law Terms

bankruptcy :: n. a federal system of statutes and courts which p ... y proceedings trustee in bankruptcy
claim in bankruptcy :: n. the written claim filed by persons or businesse ... : bankruptcy bankruptcy proceedings
conflict of interest :: n. a situation in which a person has a duty to mor ... a position adverse to the customer.
consign :: v. 1) to deliver goods to a merchant to sell on be ... or by order of a bankruptcy judge.
covenant not to compete :: n. a common provision in a contract for sale of a ... the sales price. See also: covenant
creditor's claim :: n. a claim required to be filed in writing, in a p ... e also: claim in bankruptcy probate
foreclosure :: n. the system by which a party who has loaned mone ... ced sale mortgage notice of default
goodwill :: n. the benefit of a business having a good reputat ... an unknowing buyer. See also: sale
hearsay rule :: n. the basic rule that testimony or documents whic ... interest dying declaration hearsay
impute :: v. 1) to attach to a person responsibility (and th ... also. See also: vicarious liability
reorganization :: n. the implementation of a business plan to restru ... also: bankruptcy corporation merger

Popular Law Searches

legal definition ministerial act :: n. an act, particularly of a governmental employee ... exercising any individual judgment.
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contract of sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer
forthwith legal definition :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger."
mirror wills legal definition :: n. the wills of a husband and wife which are ident ... d each names the other as executor.
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Other Law Terms - B

Bachelor of Laws :: n. the degree in law from a law school, abbreviate ... troactively. See also: Juris Doctor
back-to-back life sentences :: n. slang for consecutive life terms imposed by a j ... ther 25 years for a parole hearing.
bad debt :: n. an uncollectible debt. The problem is to determ ... ust no income on which to be taxed.
bad faith :: 1) n. intentional dishonest act by not fulfilling ... ean hands doctrine fraud good faith
bail :: 1) n. the money or bond put up to secure the relea ... bond bail bondsman own recognizance
bail bond :: n. a bond provided by an insurance company through ... urned. See also: bail bail bondsman
bail bondsman :: n. a professional agent for an insurance company w ... t to jail. See also: bail bail bond
bailee :: n. a person, also called a custodian, with whom so ... he goods. See also: bailment bailor
bailiff :: n. 1) a court official, usually a deputy sheriff, ... isdictional territory of a bailiff.
bailment :: n. 1) the act of placing property in the custody a ... "bailment." See also: bailee bailor
bailor :: n. a person who leaves goods in the custody of ano ... is found. See also: bailee bailment
bait and switch :: n. a dishonest sales practice in which a business ... rants the costs of a separate suit.
balance due :: n. the amount of a debt still owed on an account o ... cipal due without further interest.
balance sheet :: n. the statement of the assets and the liabilities ... ctivity and health of the business.
bank :: n. 1) an officially chartered institution empowere ... erred to as "in bank" or "en banc."
bankruptcy :: n. a federal system of statutes and courts which p ... y proceedings trustee in bankruptcy
bankruptcy court :: n. the specialized federal court in which bankrupt ... : bankruptcy bankruptcy proceedings
bankruptcy proceedings :: n. the bankruptcy procedure is: a) filing a petiti ... ankruptcy court claim in bankruptcy
bar :: 1) n. collectively all attorneys, as "the bar," wh ... a room, building, or real property.
bar association :: n. an organization of lawyers. There are two types ... oluntary organization of attorneys.