New Jersey Bulk Sales Act — Applicable to Deeds in Lieu?

Does the NJ Bulk Sales Act Apply to Deeds in Lieu? The Bulk Sales Act, NJSA 54:50-38, was expanded a couple years ago to cover transactions in which any seller makes a bulk sale, not just sellers who collect and remit sales tax. The Bulk Sales Act, NJSA 54:50-38, was expanded a couple years ago to cover transactions in which any seller makes a bulk sale, not just sellers who collect and remit sales tax. It provides: a buyer who does not comply by requesting a clearance letter and holding an escrow as directed by the Division of Taxation becomes liable for seller’s tax liability to the State, now including income taxes arising from the bulk sale itself in addition to past due taxes; bulk sale means any sale, transfer or assignment, in whole or in part, of a persons business assets, not made in the ordinary course of business; and business assets is defined to mean realty if the primary use of the realty is to support a business on the premises.