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§ 6-107. The notice

West's Annotated Code of MarylandCommercial Law

West's Annotated Code of Maryland
Commercial Law
Title 6. Bulk Transfers (Refs & Annos)
MD Code, Commercial Law, § 6-107
§ 6-107. The notice
(1) The notice to creditors (§ 6-105) shall state:
(a) That a bulk transfer is about to be made; and
(b) The names and business addresses of the transferor and transferee, and all other business names and addresses used by the transferor within three years last past so far as known to the transferee; and
(c) Whether or not all the debts of the transferor are to be paid in full as they fall due as a result of the transaction, and if so, the address to which creditors should send their bills.
(2) If the debts of the transferor are not to be paid in full as they fall due or if the transferee is in doubt on that point then the notice shall state further:
(a) The location and general description of the property to be transferred and the estimated total of the transferor's debts;
(b) The address where the schedule of property and list of creditors (§ 6-104) may be inspected;
(c) Whether the transfer is to pay existing debts and if so the amount of such debts and to whom owing;
(d) Whether the transfer is for new consideration and if so the amount of such consideration and the time and place of payment; and
(e) If for new consideration the time and place where creditors of the transferor are to file their claims.
(3) The notice in any case shall be delivered personally or sent by registered or certified mail to:
(a) The Comptroller;
(b) All the persons shown on the list of creditors furnished by the transferor (§ 6-104); and
(c) All other persons who are known to the transferee to hold or assert claims against the transferor.

Credits

Added by Acts 1975, c. 49, § 2, eff. July 1, 1975. Amended by Acts 1988, c. 282, § 1, eff. Jan. 1, 1989.
Formerly Art. 95B, § 6-107.
MD Code, Commercial Law, § 6-107, MD COML § 6-107
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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