Sale or transfer of distributor's business; liability of purchaser

or transferee for any accrued unpaid tax, penalty, and interest
Sec. 514. If a distributor fails to give notice to the administrator as required by section
512 of this chapter, the purchaser or transferee of his business is liable to the state for all unpaid tax, penalty, and interest accrued under this chapter against the distributor through the date of sale or transfer. However, the purchaser's or transferee's liability is limited to the value of the property and business acquired from the distributor.
As added by Acts 1979, P.L.79, SEC.1.