bulk transfer

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Bulk Transfer

A sale of all or most of the materials, supplies, merchandise, or other inventory of a business at one time that is not normally done in the ordinary course of the seller's business.

Bulk transfers, commonly called bulk sales, have, in the past, been governed by individual state laws, generally called Bulk Sales Acts, which imposed certain requirements on such transfers. These acts were aimed at preventing a seller from secretly selling his or her business and absconding with the proceeds in order to avoid the repayment of any outstanding debts. These laws have been superseded in most states by Article 6 of the Uniform Commercial Code (UCC), which shares the same purpose but establishes uniform requirements to simplify commercial transactions. A prospective buyer of a business must obtain a list of the creditors of the seller and notify them in advance of the sale so they can take steps to protect themselves against the seller's possible default on his or her debts. Failure of a bulk transfer to comply with the UCC neither makes the transfer void nor destroys the creditors' rights to repayment. Depending upon the jurisdiction, the buyer may become personally liable to the seller's creditors up to the value of the assets purchased or the property sold may be levied upon by the creditors for the outstanding debts.

A bulk transfer is not the same as a secured transaction.

bulk transfer

(See: bulk sale).

bulk transfer

noun large asset transfer, main asset transfer, major business asset transfer
References in periodicals archive ?
This area will include Temperature Controlled, Intermodal (TOFC and COFC), and Taylor Express -- Celadon's bulk transfer business.
In a decision issued Thursday, the transportation board ruled that activities at the railroad's pellet facility and bulk transfer terminal station fall under federal pre-emption and are exempt from state and local zoning laws.
Typical applications include bulk transfer from storage and in-plant processing, as well as process-related handling of powdered, granular, and pelletized dry materials.
Electric-power transmission is the bulk transfer of electricity, from power plants to electrical substations.
The idea is simple: turn on the big hard disks to perform a high-bandwidth streaming operation or bulk transfer of the relevant directories to SSD, then turn off the hard disk.
Typical applications for Dripstop[R] 940 are: DEF bulk transfer stainless steel pipe fittings, fuel line fittings, plated flare fittings, pulp and paper mills, refinery piping, instrumentation fittings, waste treatment plants, textile equipment, piping for chlorine and caustic sodas, hydraulic line fittings, pneumatic line fittings, fluid connections, steam lines up to 250 psig and pipe plugs.
Mr Jones said: "We do not support a national water grid or long distance bulk transfer.
This is especially true for bulk transfer devices where large volumes of products are being moved and must be monitored, including crude oil pipelines, depots, gasoline and jet fuel tank farms, refineries and even cruise line terminals.
The project is expected to support the bulk transfer of electricity to areas of high demand in North India.
We are at the cutting edge of these sort of improvements, which are cost-effective and efficient solutions for the bulk transfer of energy over long distances.
Accommodating a wide spectrum of applications, its products are utilised in any bulk transfer system where there is a risk of inadvertent forces being applied that may compromise the line's integrity.
Unless the foreclosing lender is content to pay the carry costs on the foreclosed units and not attempt to sell or lease them, then any offering for sale or lease of individual units prior to a bulk transfer extracts the lender from the safe harbor of the regulation and confers upon the lender the status of developer.