Section 11-505 - Bulk transfers.
§ 11-505. Bulk transfers.
(a) Notice to creditors.- A transferee or auctioneer in a bulk transfer, as defined in § 6-102 of the Commercial Law Article, shall mail to the Comptroller the notice to creditors, as required in §§ 6-107 and 6-108 of the Commercial Law Article, whether or not:
(1) the transferor lists the Comptroller as a creditor; or
(2) the transferee or auctioneer knows that the transferor owes any sales and use tax.
(b) Claim by Comptroller.- If the Comptroller finds that the transferor owes sales and use tax, the Comptroller shall file a claim for sales and use tax due from the transferor at the address required in the notice to creditors.
(c) Withholding claim amount from distribution.- If the Comptroller files a claim under subsection (b) of this section, the transferee or auctioneer shall withhold the amount stated in the claim from distribution to the transferor.
[An. Code 1957, art. 81, §§ 353, 354, 355; 1988, ch. 2, § 1; ch. 282.]