Successors to seller; obligations
Sec. 17. A seller may not sell the seller's stock, business, or assets,
transfer assets, merge or consolidate, in whole or in part, or sell,
transfer, or consolidate contracts unless:
(1) the purchaser of the stock, business, or assets or the
successor in interest is liable for shortages in a trust under this
chapter existing before or after the sale, however, the purchaser
or successor in interest has no obligation to cure a shortage in
a contract between the seller and the purchaser that is not
performed by the purchaser or successor in interest; or
(2) the purchaser of the stock, business, or assets or the
successor in interest will perform all obligations imposed under
this chapter, all obligations imposed under contracts between
the seller and the purchaser, and any other related obligations.
As added by P.L.200-1991, SEC.1.
Last modified: May 27, 2006