Bulk Sale Escrows
Bulk Sale escrows can be defined as an escrow agreement placed on the sale of inventory, business assets, or a company. It is different from the sale of real estate a business is defined as personal property. The escrow is designed to protect the assets of unsecured creditors. It is designed to eliminate the possibility of the seller using the money from the sale on other things besides taxes owed or debts to be paid to creditors. The statutes governing bulk sales require a notice to be recorded and published which gives the creditors of the seller an opportunity to file claims with the escrow holder for amounts due them for providing goods and/or services to the business. When a liquor Licenses is part of the sale of the business escrow cannot close or release funds until the transfer of the liquor license by A.B.C.(Alcohol Beverage Control)
Holding Escrows
Affinity Escrow Services can handle your non-real property transactions which do not fall under the description of a bulk sale, such as stock transfers, sales of limited liability companies or personal property transactions that are exceptions to a bulk sale transaction.
- Personal property escrows
- Sales of membership interests in limited liability companies
- Sales of partnership interests in limited partnerships
- Sales of Limited liability partnerships
- Sales of general partnerships
- Tenant relocation assistance escrows
- Indemnity Escrows
- Sales of Secured Note