Chapter 4 - Liquor
Division 12 - Transfer of License
SEC. 4.12 TRANSFER OF LICENSE.
- A license issued under provisions of this Chapter shall
permit the sale of alcoholic liquor only on the premises described
in the application and license and only under the conditions
and restrictions imposed in this Chapter on the particular class
of license described therein. No license may be transferred
in any way, including but not limited to, through the sale of
the assets of a firm, partnership, or corporation.
- Death Or Bankruptcy Of Licensee. A license issued under
the provisions of this Chapter shall not be subject to attachment,
garnishment or execution nor shall be subject to be pledged
or encumbered. Such license shall not descend by the laws of
the State or transfer to the State, but shall cease upon the
death of the licensee, provided that executors or administrators
of the estate of any deceased licensee and the trustees of any
licensee who is insolvent or has filed bankruptcy may continue
to operate under the license until the expiration of the lease,
but no longer than six months after the death, bankruptcy or
insolvency of such licensee. Upon the death of a licensee, if
the executor or administrator does not continue the business
under such license, and upon the bankruptcy of a licensee, if
the Trustee does not continue the business under the license,
there shall be a refund made of that portion of the license
for any period in which the executor, administrator or Trustee
cannot or does not operate, provided that prior to making any
refund, the Town Treasurer shall determine whether the licensee
owes the Town any money, and if it is determined that the licensee
owes the Town any money, the Town Treasurer shall withhold payment
of any refund until all monies owed the Town have been paid
in full.