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BTLG Table of Contents > Sales and Use Tax Annotations > S > 535.0000 Successor's Liability > Annotation 535.0022

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535.0000 Successor's Liability—Regulation 1702

Annotation 535.0022

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535.0022 Foreclosure. A foreclosure is not a sale. Thus, successor's liability will not attach as a result of a foreclosure. However, an agreement between two parties to transfer a business in payment of an antecedent debt is not a foreclosure. An agreement of this type is a sale subjecting the buyer to any successor liability. 8/10/94.