Commercial Law – General Regulatory Provisions

Closing Out Sales

SECTION 6-14-9

§ 6-14-9. Additions to stock in contemplation of sale.

No person, in contemplation of conducting a "closing-out-sale"; "going-out-of-business sale"; "discontinuance-of-business sale"; "selling out"; "liquidation"; "lost our lease"; "must vacate"; "forced out"; "removal"; or a sale of other designation of like meaning; or a sale of goods, wares, and merchandise damaged by fire, smoke, water, or otherwise, under a license as provided for in §§ 6-14-3 – 6-14-6, shall order any goods, wares, or merchandise for the purpose of selling and disposing of the goods, wares, or merchandise at the sale, and any unusual purchase and additions to the stock of the goods, wares, and merchandise within thirty (30) days prior to the filing of the application for license to conduct the sale mentioned in § 6-14-3 shall be presumptive evidence that the purchases and additions to stock were made in contemplation of the sale and for the purpose of selling the purchases and additions to stock at the sale.

History of Section.
(P.L. 1956, ch. 3762, § 6; G.L. 1956, § 6-14-9; P.L. 1966, ch. 137, § 1; P.L. 2014, ch. 528, § 13.)