Maryland Code, COMMERCIAL LAW 11-1101
Terms Used In Maryland Code, COMMERCIAL LAW 11-1101
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(b) (1) “Advertise” means to publish, circulate, disseminate, or place before the public through any print or broadcast medium for the purpose of the sale of goods or services.
(2) “Advertise” includes to advertise by outside or inside signs, handbills, or price tags.
(c) (1) “Distress sale” means a sale that is conducted and represented through advertising that the sale is being held or required for reasons of:
(i) Economic or business distress;
(ii) Inability to continue business at the same location; or
(iii) Any expression that conveys to the public the information or belief that on disposal of the goods, the business will cease, be discontinued, vacated, transferred, or surrendered to a successor in business or a different principal owner and conducted under a new name.
(2) “Distress sale” includes:
(i) A “going out of business sale”, “closing out sale”, “liquidation sale”, “lost our lease sale”, or “must vacate sale”; or
(ii) A sale of goods damaged by fire, smoke, or water.
(d) (1) “Person” means an individual, corporation, business trust, statutory trust, estate, trust, partnership, association, two or more persons having a joint or common interest, or any other legal or commercial entity.
(2) “Person” includes a liquidation service.