[481D-2] Insurance, salvage, removal, going out of business, creditor's, and other special sales; sale of damaged goods; notice required; exceptions. No person shall directly or indirectly advertise or cause to be advertised, represent or cause to be represented, or hold out to the public in any manner that any sale of goods is an insurance, salvage, removal, going out of business, insolvent's, assignee's, or creditor's sale of goods, or that it is a sale of goods which have been damaged by fire, smoke, water, or otherwise, without first posting a notice as provided in this chapter, if that person:

(1) Has inventory which includes one hundred or more items, each costing $100 or more; or

(2) Has placed advertising having a list or fair market value of $10,000 or more.

This section shall not apply to any sales made under the direction of any court or trustee in bankruptcy, or to any person acting under the direction and supervision of state or federal courts in the course of their official duties. This section shall not apply to any sales by a person regularly engaged in insurance or salvage of goods, or sale of goods which have been damaged by fire, smoke, water, or otherwise, who acquired the goods for the account of others as a result of fire or other casualty. [L 1994, c 98, pt of 1; am L 1996, c 271, 2(2), 3]

 

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