As Amended
SEC. 75-6-106. Application of the proceeds.
In addition to the requirements of sections 75-6-104 and 75-6-105:
(1) Upon every bulk transfer subject to this chapter for which new consideration becomes payable except those made by sale at auction it is the duty of the transferee to assure that such consideration is applied so far as necessary to pay those debts of the transferor which are either shown on the list furnished by the transferor (Section 6-104) [Sec. 75-6-104] or filed in writing in the place stated in the notice (Section 6-107) [Sec. 75-6-107] within thirty (30) days after the mailing of such notice. This duty of the transferee runs to all the holders of such debts, and may be enforced by any of them for the benefit of all.
(2) If any of said debts are in dispute the necessary sum may be withheld from distribution until the dispute is settled or adjudicated.
(3) If the consideration payable is not enough to pay all of the said debts in full distribution shall be made pro rata.
SOURCES: Codes, 1942, Sec. 41A:6-106; Laws, 1966, ch. 316, Sec. 6-106, eff March 31, 1968.