Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1913-08-22

No. "a caAFrER H. p"f hhWs o oF 1913 "a 1918
AN ACT-To repeal section 2317b. and to
create sections 2317c, 251ld, 23lIe
and 2317f of the statutes, regulating the
sale, transfer and assignment In bulk,
of any stock of goods, wares and mer-
chandise. and of fixtures. otherwise
than in the ordinary course of trade.
and in the regular prosecution of the
business of the seller, transferrer or
assignor, and providing penalty.
The people of the State Of Wisconsin,
represented in Senate and Assembly, do
enact as follows:
Section 1. Section 2317b of the stat
uteS is repealed.
Section 2. There are added to the stat
utes four new sections to read: Section
2317c. The sale, transfer, or assignment,
in bulk, otherwise than in the ordinary
course of trade, and in the regular prose-
cution of the business of the seller.
transferrer or assignor, of any part or
the whole, of any stock of goods, wares
and merchandise, or Of the fixtures per-
tanning to the same, or of such goods,
wares and merchandise and fixtures, in
Guiding such sales, transfers and assign
ments made in consideration of an
existing Indebtedness, shall be conclu-
sively presumed to be fraudulent and void
as against the then existing creditors or
the seller, transferrer, or assignor, I'M
less the seller, transferrer, or assignor
and the purchaser, tranSferee or assignee,
shall, at least five days before the sale,
transfer, or assignment, make full and
detailed inventory, showing the quantity.
and, so far as possible, with the exercise
of reasonable diligence, the cost price td
the seller, transferrer or assignor, OF each
article to be included in the sale, trans
fer or assignment and unless the pur-
chaser, tranSferee or assignee. demand
and receive from the seller transferrer or
assignor, and the seller. transferrer or
assignor make and deliver to the pur-
chaser transferee or assignee, written
I;.,+- ,f tIn no md n a
creditors of the seller, transferrer or
assignor, with the amount of the indebt-
edness, either due or owing to each, and
certified by the seller, transferrer or
aSSignor, under oath, to be a full, accu-
rate and complete list of his creditors and
their respective addresses, and of his in
debtednesS, or, if there be no creditors,
like sworn statement to that effect; and
unless the purchaser, transferee or as
signee, shall at least five days before
taking possession of such goods, wares
and merchandise, or Of such fixtures or
of such merchandise and fixtures, mere
inbefore described, or paying therefor, or
delivering to such seller, transferrer or
assignor, or to his use, the consideration
therefor notify personally every creator
whose name and address are stated IN
said list, or of whom he has knowledge
of the proposed sale, transfer or assign
ment, and of the price. terms, and con-
ditions thereof; SHALL in lieu of such
personal service, deposit such notices in
creditor, to be sent by registered mall,
at least ten days before such property de-
scribed above is paid for, taken possess
sion of or delivered.
Section 2317d. Sellers, transferrers and
assignors, purchasers, transferees, and
assignees under this act, shall include
corpora lions, associations, copartnershlps
and individuals. But nothing contained
in this act shall apply to sales, transfers
or assignments by executors, admins
traitors, guardians. receivers. trustees in
bankruptcy, public officers under judicial
process assignees under voluntary
assignment for the benefit Of creditors
or to sales, transfers, or assignments
made by order of court of competent
jurisdiction, or upon bona fide foreclos-
ure of chattel mortgage; or to, or by
any person to whom any such property
may in good faith be transferred or
assigned, in trust for the creditors of such
transferrer or assignor, for the purpose of
liquidating the debts of the latter.
Section 2317e. Any such seller, trans
his behalf, who shall wilfully or know
ingly refuse to make, or shall make, or
cause to be made materially false or in
| complete answers to the inquiries of the
purchaser assignee or transferee, as pro-
vided in section 2317c, shall be deemed
| Viction thereof shall be punished by a
! fine of not to exceed two hundred and
/ fifty dollars or Imprisonment in the
/ county Jail not to exceed one year.
| Section 2317f. Any purchaser. trans
fierce or assignee who shall not conform
| come, and be held, liable and accounta-
! HE to the creditors of the seller, trans
| ferper or assignor, for all goods, wares
| and merchandise, and fixtures, coming
| into his possession or control by virtue
| of such sale. transfer Or assignment; pro-