882                                LAWS OF MARYLAND                        [CH. 538

materials, supplies, merchandise or other inventory (Section 9—109)
of an enterprise subject to this Sub-title.

(2)  A transfer of a substantial part of the equipment (Section 9—
109) of such an enterprise is a bulk transfer if it is made in connec-
tion with a bulk transfer of inventory, but not otherwise.

(3)   The enterprises subject to this Sub-title are all those whose
principal business is the sale of merchandise from stock, including
those who manufacture what they sell.

(4) Except as limited by the following section all bulk transfers
of goods located within this state are subject to this Sub-title.

6—103. Transfers Excepted From This Sub-title.

The following transfers are not subject to this Sub-title:

(1)  Those made to give security for the performance of an obliga-
tion;

(2)  General assignments for the benefit of all the creditors of the
transferor, and subsequent transfers by the assignee thereunder;

(3)   Transfers in settlement or realization of a lien or other
security interest;

(4)  Sales by exceutors, administrators, receivers, trustees in bank-
ruptcy, or any public officer under judicial process;

(5)  Sales made in the course of judicial or administrative proceed-
ings for the dissolution or reorganization of a corporation and of
which notice is sent to the creditors of the corporation pursuant to
order of the court or administrative agency;

(6)   Transfers to a person maintaining a known place of business
in this State who becomes bound to pay the debts of the transferor
in full and gives public notice of that fact, and who is solvent after
becoming so bound;

(7)  A transfer to a new business enterprise organized to take over
and continue the business, if public notice of the transaction is given
and the new enterprise assumes the debts of the transferor and he
receives nothing from the transaction except an interest in the new
enterprise junior to the claims of creditors;

(8)   Transfers of property which is exempt from execution.

(9)  Public notice under sub-section (6) or Sub-section (7) may
be given by publishing once a week for two consecutive weeks in a
newspaper of general circulation where the transferor had its prin-
ciple place of business in this State an advertisement including the
names and addresses of the transferor and transferee and the effec-
tive date of the transfer.

6—104. Schedule of Property, List of Creditors.

(1) Except as provided with respect to auction sales (Section 6—
108), a bulk transfer subject to this Sub-title is ineffective against
any creditor of the transferor unless:

(a) the transferee requires the transferor to furnish a list of his
existing creditors prepared as stated in this Section; and