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 These laws have been superseded in most states by Article 6 of the Uniform Commercial Code (UCC), which shares the same purpose but establishes uniform requirements to simplify commercial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 ?
The transfer means the vast majority of Southern Housing Groups defined benefit pension obligations are consolidated into a single scheme, and is the first bulk transfer from SHPS to a scheme outside of TPT Retirement Solutions.
BANKING AND CREDIT NEWS-September 22, 2017-Opus Bank Subsidiary Completes Additional Bulk Transfer
The pump is suited to a variety of applications including salt water disposal, salt water injection, bulk transfer, hydraulic lift and steam generation.
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.
USPRwire, Wed Nov 19 2014] The bulk transfer of electrical energy from the point of generation to electrical substations is termed as electric transmission.
To ensure proper container orientation for filling, capping and label application, a single filing module for the Model 108 depalletizer maintains container/handle direction as bottles or jugs are transferred from the bulk transfer table to the bottle conveyor.
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.
had "accidentally transported and disposed of the hazardous waste soil pile" from the Coster Shop site in Knoxville, where Norfolk Southern's bulk transfer facility is under construction.
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.
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.