Bulk Sales Act

BULK SALES ACT. ARRANGEMENT OF SECTIONS. Section 1. Interpretation. 2. Application. 3. Inapplicability of Act to sale by executors, etc. 4. Duty of purchaser and vendor of stock in bulk as to written statement. 5. Additional necessary acts on completion of sale. 6. Disposition of proceeds of sale made with written consent of creditors. 7. Duties of trustee receiving proceeds of sale. 8. Fees or commission of trustee. 9. Effect of noncompliance with Act. 10. Burden of proof in action respecting sale in bulk. 11. Limitation of action respecting sale in bulk. 12. Appointment of trustee by judge. First Schedule Statement and declaration. Second Schedule Waiver. CHAPTER 69 BULK SALES ACT. Commencement : 30 November, 1933. An Act relating to the sale of goods in bulk. 1. Interpretation.

Second Schedule Waiver. CHAPTER 69 BULK SALES ACT. Commencement : 30 November, 1933. An Act relating to the sale of goods in bulk. 1. Interpretation.

In this Act, unless the context otherwise requires— ( a ) "creditor" means a person to whom the vendor of any stock as defined by this Act is indebted, whether the debt is due and owing or not yet payable, and includes any surety and the endorser of any promissory note or bill of exchange who would upon payment by him or her of the debt, promissory note or bill of exchange in respect of which the suretyship was entered into or the endorsement was given, become a creditor of such vendor; ( b ) "proceeds of sale" includes the purchase price or consideration payable to the vendor, or passing from the purchaser to the vendor, on a sale in bulk, and the monies realised by a trustee under any security, or by the sale or other disposition of any property coming into his or her hands as the consideration, or part of the consideration, for the sale; ( c ) "sale in bulk" means any sale, transfer, conveyance, barter or exchange of stock or a part of stock, out of the usual course of business or trade of the vendor; a sale, transfer, conveyance, barter or exchange of substantially the entire stock of the vendor; and a sale, transfer, conveyance, barter or exchange of an interest in the business of the vendor; and the word "sale" , whether used alone or in the expression "sale in bulk", includes a transfer, conveyance, barter or exchange, and an agreement to sell, transfer, convey, barter or exchange; ( d ) "stock" means any stock of goods, wares and merchandise ordinarily the subject of trade and commerce, and the goods, chattels and fixtures ordinarily used in connection with any business; ( e ) "stock in bulk" means any stock or portion of stock, which is the subject of a sale in bulk; ( f ) "vendor" includes any person who barters or exchanges any stock in bulk with any other person for other property, real or personal, and "purchaser" includes the person who gives such other property in barter or exchange.

k with any other person for other property, real or personal, and "purchaser" includes the person who gives such other property in barter or exchange.

2. Application. This Act shall apply to sales by traders and merchants, defined as follows— ( a ) persons who, as their ostensible occupation or part of their occupation, buy and sell goods, wares and merchandise ordinarily the subject of trade and commerce; ( b ) commission merchants; ( c ) manufacturers. This section of the article is only available for our subscribers. Please click here to subscribe to a subscription plan to view this part of the article. Home | About Us |--> Terms & Conditions | Privacy Statement | Publishing Services | Contact Us Sitemap --> --> Copyright 2019. Blackhall Publishing. All Rights Reserved. Design and Developed By : Indiafin Technologies Ltd .