Vermont § 3260 - Bulk sales

§ 3260. Bulk sales

• (a) Whenever a person (transferor) required to collect or withhold a trust tax pursuant
  to chapter 151, 207, 225, or 233 of this title shall make any sale, transfer, long-term
  lease, or assignment (transfer) in bulk of any part or the whole of the assets of
  a business, otherwise than in the ordinary course of the business, the purchaser,
  transferee or assignee (transferee) shall, at least 10 days before taking possession
  of the subject of the transfer or before payment therefore if earlier, notify the
  Commissioner in writing of the proposed sale and of the price, terms, and conditions
  thereof whether or not the transferor has represented to or informed the transferee
  that the transferor owes any trust tax pursuant to chapter 151, 207, 225, or 233 and
  whether or not the transferee has knowledge that such taxes are owed, and whether
  any taxes are in fact owed. (b) Whenever the transferee shall fail to give notice to the Commissioner as required
  by subsection (a) of this section, or whenever the Commissioner shall inform the transferee
  that a possible claim for tax exists, any sums of money, property, or choses in action,
  or other consideration, which the transferee is required to transfer over to or for
  the transferor, shall be subject to a first priority right and lien for any taxes
  theretofore or thereafter determined to be due from the transferor to the State, and
  the transferee is forbidden to transfer the consideration to or for the transferor
  to the extent of the amount of the State’s claim. (c) For failure to comply with this section, the transferee shall be personally liable
  for the payment to the State of any taxes theretofore or thereafter determined to
  be due to the State from the transferor and the liability may be assessed and enforced
  in the same manner as the liability for tax under chapter 151, 207, 225, or 233. (Added 1991, No. 186 (Adj. Sess.), § 9; amended 2003, No. 70 (Adj. Sess.), § 34, eff. March 1, 2004; 2025, No. 56, § 13, eff. July 1, 2025.)