1. (1) any consideration in the bulk transfer is subject to a first priority right and lien for any sales and use tax that the transferor owes to the State; and
2. (2) the transferee or auctioneer is personally liable for the sales and use tax, interest and penalties that the transferor owes to the State.

If the transferee or auctioneer in a bulk transfer fails to file the notice required in § 11-505 of this article or to retain consideration in an amount equal to the claim of the Comptroller for unpaid sales and use tax:

Added by Acts 1988, c. 2, § 1, eff. Jan. 1, 1989. Amended by Acts 1988, c. 282.

Formerly Art. 81, §§ 355, 356.