Michigan Laws 442.221 – Conduct of sales; purchase of goods prior to sale prohibited; evidence
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Terms Used In Michigan Laws 442.221
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Executor: A male person named in a will to carry out the decedent
- Going out of business sale: means any sale, whether described by such name or by any other name such as, but not limited to, "closing out sales" "liquidation sales" "lost our lease sale" "forced to vacate sale" held in such a manner as to indicate a belief that upon disposal of the stock of goods on hand, the business will cease and discontinue at the premises where the sale is conducted. See Michigan Laws 442.211
- Goods: means all goods, wares, merchandise and other personal property, excepting, choses in action and money. See Michigan Laws 442.211
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: includes a person, firm, corporation, partnership, association or 2 or more persons having a joint or common interest. See Michigan Laws 442.211
- Trustee: A person or institution holding and administering property in trust.
No person in contemplation of conducting an insurance, bankrupt, mortgage, insolvent, assignee’s, executor‘s, administrator’s, receiver’s, trustee‘s, removal or going out of business sale, or a sale of goods damaged by fire, smoke, water or otherwise, under a license as provided in this act shall order any goods for the purpose of selling and disposing of the same at such sale. Any unusual purchase and additions to the stock of goods within 60 days prior to the filing of the application for license to conduct the sale 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 same at the sale.