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What if there are no proceeds from the sale or the proceeds are insufficient to meet the escrow amount required by the Division?

April 26, 2017division escrow insufficient meet proceeds sale

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What if there are no proceeds from the sale or the proceeds are insufficient to meet the escrow amount required by the Division?

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The bulk sale statute cannot protect a purchaser if he fails to follow procedures prescribed by the bulk sale section. However, the Division will determine escrow amounts to be held based on all the facts as presented by the parties.