| HB 0250 | Relating to the Uniform Commercial Code |
| Sponsor: | MAY | Handling House Bill: | |
| Committee: | JUDC | LR Number: | L0443.01I |
| Last Action: | 01/18/95 - Referred H Judiciary and Ethics Committee | ||
| Title: | |||
| Effective Date: | |||
HB0250 May, Brian H.
P R E F I L E D
HB 250 -- Uniform Commercial Code
This bill repeals the Uniform Commercial Code article on bulk transfers. A bulk transfer is the sale of inventory, including materials and supplies, that is not sold in the ordinary course of business. Current law places many requirements on the seller of such goods, such as giving proper notice to creditors, accounting procedures, and the method property is auctioned, to protect the interest of the seller's creditors.