Use This Form If:

• Individuals who are selling a business and need to disclose all outstanding debts to potential buyers will find this form essential. It ensures that the buyer is fully informed about the financial obligations tied to the inventory being transferred, thereby protecting both parties involved in the transaction.
• Situations requiring the transfer of a large quantity of goods often necessitate the use of this affidavit to comply with state laws. By using this form, sellers can avoid legal repercussions that may arise from undisclosed creditor claims, ensuring a smoother transaction process.
• For those engaged in business liquidation, this affidavit serves as a critical tool to inform buyers of existing creditors. It helps establish transparency and can prevent future disputes regarding the ownership of the transferred assets.
• Companies planning to sell their inventory in bulk must utilize this form to fulfill legal obligations under the U.C.C. This not only safeguards the seller's interests but also reassures buyers that they are making a sound investment.
• In cases where a buyer is acquiring assets from a seller with multiple creditors, this affidavit is necessary to outline all claims against the business. This protects the buyer from potential legal issues that could arise if creditors were to assert their rights after the sale.