§ 66-80. Continuation of sale or business beyond termination date. - North Carolina Statutes

§66‑80.  Continuation of sale or business beyond termination date.

No person shall conduct aclosing‑out sale or a sale of goods, wares or merchandise damaged byfire, smoke, water or otherwise or a distress sale beyond the termination datespecified for such sale, except as otherwise provided for in subsection (b) ofG.S. 66‑77; nor shall any person, upon conclusion of such sale, continuethat business which had been represented as closing out or going out ofbusiness under the same name, or under a different name, at the same location,or elsewhere in the same city or town where the inventory for such sale wasfiled for a period of 12 months; nor shall any person, upon conclusion of suchsale, continue business contrary to the designation of such sale.  As used inthis section, the term "person" includes individuals, partnerships,corporations, and other business entities.  If a business entity that isprohibited from continuing a business under this section reformulates itself asa new entity or as an individual, whether by sale, merger, acquisition,bankruptcy, dissolution, or any other transaction, for the purpose ofcontinuing the business, the successor entity or individual shall be consideredthe same person as the original entity for the purpose of this section.  If anindividual who is prohibited from continuing a business under this sectionforms a new business entity to continue the business, that entity shall beconsidered the same person as the individual for the purpose of this section. (1957,c. 1058, s. 5; 1981, c. 633, s. 6; 1987, c. 387, s. 2.)