Liquor license transfers and bulk sales are mainly governed by the California codes, Liquor mainly under the Business and Professions code and business transfers or bulk sales mainly under the Commercial Code
**Liquor transfers** These escrows require the approval of the transferee by the Department of Alcoholic Beverage Control. During the course of the escrow, claims against the transferor may be submitted up until escrow is notified of the Departments approval. Section 24074 of the Business and Professions code sets forth the order in which claims are paid, how to handle claim disputes and the actions to take when the claims exceed the consideration.
**Bulk Sales** There are some instances when an escrow is not needed for a Bulk Sale, such as when the sale is being made by a receiver, through the courts and others, however most sales require an escrow to protect the buyer from unknown liens against the business and its owner. Notification is made by recording a Notice of the Sale and publishing it in a newspaper. Claims may be filed with escrow up to the day before the close of escrow. Payments of these claims, if not disputed, are paid from the proceeds. If the claim is disputed, notification of the dispute is given and funds are held in escrow until the expiration of the statutory period unless attached.
The work involved in either of the above transactions varies widely, and the escrow fee is charged accordingly.
For more information on Liquor Transfers or Bulk Sales, contact Rick Lobaugh at Inter-County Title Co., Tuolumne-Mariposa Division (209)966-3653 or by mail at P.O. Box 838, Mariposa, CA 95338. You may also email any questions.
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