8.6A-104 - A-104. Obligations of buyer. - Virginia Statutes

§ 8.6A-104. Obligations of buyer.

(1) In a bulk sale as defined in § 8.6A-102(1) (c) (ii) the buyer shall:

(a) Obtain from the seller a list of all business names and addresses used bythe seller within three years before the date that the list is sent ordelivered to the buyer;

(b) Unless excused under subsection (2), obtain from the seller a verifiedand dated list of claimants of whom the seller has notice three days beforethe seller sends or delivers the list to the buyer and including, to theextent known by the seller, the address of and the amount claimed by eachclaimant;

(c) Obtain from the seller or prepare a schedule of distribution (§8.6A-106(1));

(d) Give notice of the bulk sale in accordance with § 8.6A-105;

(e) Unless excused under § 8.6A-106(4), distribute the net contract price inaccordance with the undertakings of the buyer in the schedule ofdistribution; and

(f) Unless excused under subsection (2), make available the list of claimants(subsection (1) (b)) by:

(i) Promptly sending or delivering a copy of the list without charge to anyclaimant whose written request is received by the buyer no later than sixmonths after the date of the bulk sale;

(ii) Permitting any claimant to inspect and copy the list at any reasonablehour upon request received by the buyer no later than six months after thedate of the bulk sale; or

(iii) Filing a copy of the list in the office of the clerk of the circuitcourt of the county or city where the seller's business is located no laterthan the time for giving a notice of the bulk sale (§ 8.6A-105(5)). A listfiled in accordance with this subparagraph must state the individual,partnership, or corporate name and a mailing address of the seller.

(2) A buyer who gives notice in accordance with § 8.6A-105(2) is excused fromcomplying with the requirements of subsections (1) (b) and (1) (f).

(1997, c. 121.)