A bulk sale generally involves the sale of a business and, if properly handled, serves to protect the creditors of the seller of the business and the purchaser of the business. The statutes governing bulk sales require a notice to be recorded and published which gives the creditors of the seller an opportunity to file claims with the escrow holder for amounts due them for providing goods and/or services to the business. An escrow is legally required for the transfer of any license that comes under the jurisdiction of the Department of Alcoholic Beverage Control of the State of California. These include all beer, wine and liquor licenses issued for off sale purposes.
These transactions require that a notice of the transfer be recorded and published so that creditors of the transferor may have the opportunity to file claims with the escrow holder. Extensive knowledge of the rules and regulations that govern these transfers is essential for the expedient and successful processing of these escrows. Sincere Escrow has this experience.