What is the responsibility of the purchaser if the Division fails to timely notify the purchaser of the possible claim and escrow amount requirement?
A. If the Division fails to notify the purchaser of escrow obligations in a timely manner, the bulk sale law provides that “the purchaser, transferee or assignee may transfer over to the seller, transferrer or assignor any sums of money, property or chooses in action, or other consideration to the extent of the amount of the State’s claim.
Related Questions
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- What is the responsibility of the purchaser after receiving the timely notice of a possible claim and claim amount from the Division?
- What is the responsibility of the Division once it receives the C-9600 form notice from the purchaser?
