Ch. 2

LAWS OF MARYLAND

A VENDOR SHALL KEEP THE RECORDS REQUIRED UNDER SUBSECTION
(A) OF THIS SECTION FOR 4 YEARS, UNLESS THE COMPTROLLER:

(1)  CONSENTS IN WRITING TO AN EARLIER DESTRUCTION OF
THE RECORDS; OR

(2)  REQUIRES IN WRITING THAT THE RECORDS BE KEPT
LONGER.

REVISOR'S NOTE: This section is new language derived
Without substantive change from former Art. 81, §§
357(a) and 399, as that section applied record
retention requirements to the former use tax.

In this section, the word "documents" is deleted as
included in the word "records".

Defined terms: "Comptroller" § 1-101

"Retail sale" § 11-101 "Sale for use" § 11-101

"Sales and use tax" § 1-101 "Vendor" § 11-101

11-505. NOTICE OF BULK TRANSFER.

(A)  "BULK SALE" DEFINED.

IN THIS SECTION, "BULK SALE" MEANS AN ASSIGNMENT, SALE, OR
TRANSFER IN WHICH ANY PART OF THE WHOLE OF A STOCK OF MERCHANDISE
OR FIXTURES OR BOTH THAT RELATE TO THE CONDUCT OF THE BUSINESS OF
THE VENDOR, TRANSFEROR, OR ASSIGNOR IS SOLD OTHER THAN IN THE
ORDINARY COURSE OF TRADE OR IN THE REGULAR PROSECUTION OF
BUSINESS.

(B)  NOTICE OF BULK SALE.

AN ASSIGNEE, BUYER, OR TRANSFEREE SHALL MAIL TO THE
COMPTROLLER A NOTICE OF A PROPOSED BULK SALE BY CERTIFIED MAIL AT
LEAST 10 DAYS BEFORE THE BUYER:

(1)  TAKES POSSESSION OF THE TANGIBLE PERSONAL
PROPERTY SOLD; OR

(2)  PAYS FOR THE TANGIBLE PERSONAL PROPERTY SOLD.

(C)  REQUIREMENTS OF BULK SALE NOTICE.

THE NOTICE OF BULK SALE UNDER SUBSECTION (B) OF THIS SECTION
SHALL:

(1)  STATE THE PRICE, TERMS, AND CONDITIONS OF THE
PROPOSED SALE; AND

(2)  BE MAILED TO THE COMPTROLLER WHETHER OR NOT THE
VENDOR, TRANSFEROR, OR ASSIGNOR:

(I) REPRESENTS TO OR INFORMS THE BUYER THAT THE
VENDOR, TRANSFEROR, OR ASSIGNOR OWES ANY SALES AND USE TAX; OR

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