Limitation of actions.

Repealed. “Liquidator”. Section 6-102. “Date of the bulk sale”. Section 6-102. “Buyer”. Section 2-103. “Auctioneer”. Section 6-102. Definitional Cross-References: “Action”. Section 1-201. Point 3: Section 6-107. Cross-References: Point 1: Sections 1-201, 6-102, 6-107 and 6-108. 3. This Article does not contemplate tolling the limitation for actions against a person in control of the seller who fails to distribute the net contract price in accordance with the schedule of distribution. Those actions must be commenced within one year after the alleged violation occurs. 2. Cases decided under the 1987 Official Text of Article 6 disagree over whether the complete failure to comply with the requirements of that Article constitutes a concealment that tolls the limitation. This Article adopts the view that noncompliance does not of itself constitute concealment. Purposes of Changes and New Matter: 1. This Article imposes liability upon only those who do not make a good faith and commercially reasonable effort to comply with the requirements of the Article or to exclude the sale from the application of the Article and who do not hold a good faith and commercially reasonable belief that the Article is inapplicable to the sale. Consequently, it extends the six-month limitation period of the 1987 Official Text, which applies to good faith transferees as well as those not in good faith, to one year. The period commences with the date of the bulk sale. Changes: Statute of limitations extended and clarified. Prior Uniform Statutory Provision:Section 6-111 (1987 Official Text).