Asked by Michael Doyle on Mar 10, 2024
Verified
The bulk sales portion (Article 6) of the Code requires buyers in a bulk sale to provide notice to the seller's creditors and to maintain a list of the seller's creditors and a schedule of property obtained in a bulk sale for six months after the bulk sale takes place.
Bulk Sales
A transaction in which a business sells a significant portion of its inventory to a single buyer, often as a part of liquidation.
Article 6
A specific provision within a legal document or constitution; the context varies depending on the document (e.g., U.S. Constitution's Article 6 establishes federal laws as the supreme law of the land).
Creditors
Individuals or organizations to whom money is owed.
- Explain the roles of security interests and consignment under the UCC.
Verified Answer
Learning Objectives
- Explain the roles of security interests and consignment under the UCC.
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