§ 235 - Bankruptcy, death and revocation - Vermont Statutes

§ 235. Bankruptcy, death and revocation

If a licensee becomes bankrupt or dies before the expiration of his or her license or permit, his or her trustee, executor or administrator may sell the intoxicating liquors which came into his or her possession to a holder of a license of the same class. If a license or permit is revoked under the provisions of this title, after such revocation, the licensee may sell the intoxicating liquors in his or her possession at the time of such revocation to a holder of a license of the same class. All sales under this section shall be accompanied by immediate and actual delivery and shall be made within 30 days after such bankruptcy, death or revocation. However, upon application of the executor or administrator of a deceased licensee, the board may transfer the license or permit of the decedent to such executor or administrator without payment of any additional fee, and the executor or administrator may then carry on the business of the decedent under the license or permit until the expiration thereof. The holder of a manufacturer's or rectifier's license may pledge or mortgage intoxicating liquor manufactured or rectified by such licensee and such pledgee or mortgagee may retain possession of such liquor and after condition broken, may sell and dispose to persons to whom the licensee might lawfully sell such liquors, subject to the same restrictions and regulations as such licensee, and to such further restriction and regulation as may be prescribed by the liquor control board with respect to notice to it in advance of such sale and determination by it of the persons entitled to buy and the manner of such sale. Any sale under such pledge or mortgage shall not be at public auction as required with respect to like sales of other property, but shall be upon not less than ten days' notice to the pledgor or mortgagor and for the highest amount which may be offered under the regulations of such liquor control board as aforesaid. (Amended 2001, No. 143 (Adj. Sess.), § 14, eff. June 21, 2002.)