(a) Every employer subject to the provisions of this act, who shall sell in bulk fifty-one per centum or more of his assets, including but not limited to, any stock of goods, wares or merchandise of any kind, fixtures, machinery, equipment, buildings or real estate, shall give the department ten (10) days' notice of the sale prior to the completion of the transfer of such property. It shall be the duty of such employer to file all contribution reports with the department to the date of such proposed transfer of property and pay all contributions, interest and penalties due and payable thereon. The employer shall present to the purchaser of such property, a certificate which shall be furnished forthwith by the department showing that all reports have been filed and contributions, interest and penalties paid to the date of the proposed transfer. The failure of the purchaser to require such certificate shall render such purchaser liable to the department for the unpaid contributions, interest and penalties owing by the employer.

(b) The provisions of subsection (a) of this section shall not apply to sales made under any order of court or to any sales made by assignees for the benefit of creditors, executors, administrators, receivers or any public officer in his official capacity, or by any officer of a court, or to any other transfer excepted under the provisions of section 6-103 of the Uniform Commercial Code.¹