Form 37 - Liquor And Gambling Short Form Page 2
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3Death of a Licensee
Gambling and liquor activity may continue pending approval of transfers to estates or joint tenants. Please send the following documents, if
applicable, to facilitate the review and approval of the transfer.
1.
Copy of Death Certificate or Court Order certifying death of licensee.
2.
A copy of the will.
3.
Formal appointment of person(s) to manage estate whether he/she is court appointed or named in licensee’s will (i.e. executor of estate,
conservator, personal representative, power of attorney, or trustee), where applicable.
4.
The FEIN for the estate (supply appropriate documents).
5.
Unless already identified as an owner of the license, a personal history statement, two fingerprint cards and fingerprint fee for each
individual appointed to manage the estate.
6.
Bylaws if the licensee is a corporation or limited liability company.
7.
Operating agreement if the licensee is an LLC or Partnership as registered with the Secretary of State.
8.
Current financial statements or most recent tax returns of the licensed operation.
9.
New bank signature cards with updated signatures.
Please note:
•
Whether or not there is a will, the decedents’ interest in the liquor and gambling license will be placed into the name of the estate
showing the Personal Representative as the responsible party until the estate is settled and the interest distributed to the designated
heir(s).
•
If the interest is held in joint tenancy with right of survivorship, this application will be sufficient to transfer both the liquor and
gambling operator interests to the survivor.
•
If the estate plans to sell the liquor license, an Alcoholic Beverage/Gambling Operator Combined License Application is required to
be completed following approval of this amended application.
Sale of Interests among Licensees
Sale of Interests Among Licensees
Gambling and liquor activity may continue pending approval of the sale of interests among licensees. Please send the following documents, if
applicable, to facilitate the review and approval of the transfer.
1.
Copy of the purchase/sale documents that include all terms and prices.
2.
Copies of all documents verifying the source of funding for amounts to be paid to the seller (e.g. 6 months of bank statements, loan
documents and security agreements, etc.).
3.
Minutes of meetings during which the sale and terms of sale are approved, if applicable.
4.
Current financial statements or most recent tax returns of the licensed operation.
5.
If the owner transferring an interest is being completely removed from ownership provide letters from creditors, and lessors if applicable,
removing the seller(s) from all liability.
6.
If the seller is no longer on the license, a copy of new bank signature cards with updated signatures
7.
You will be notified of the completion of the audit and at that time you will be able to schedule the closing. Upon closing,
•
Documents memorializing the sale of interests among licensees.
•
Corporate documents, partnership agreements, LLC agreements, minutes etc. (depending on type of change)
•
Documents verifying the cancellation of shares/interests, issuance of shares/interests and updated stock ledger (if applicable).
Divorce among Licensees
Divorce Among Licensees
Gambling and liquor activity may continue pending approval of transfers to an ex-spouse. Please send the following documents, if applicable, to
facilitate the review and approval of the transfer.
1.
Copy of the final decree of dissolution of marriage and property settlement agreement.
2.
Source of funding documents, if any, if the transfer requires a buyout (e.g. 6 months of bank statements supporting cash payments, loan
and security agreements, installments payment agreement, etc.).
3.
If the spouse transferring the interest is to be completely removed from ownership and is to be no longer responsible for contractual
obligations of the licensed operation, supply letters and related documents from banks, landlords, and vendors that release the departing
spouse from liability (or converting him/her to a guarantor). and updated bank signature cards.
4.
Current financial statements or most recent tax returns of the licensed operation.
5.
If the transferring spouse is no longer a licensee, an updated bank signature card.
6.
You will be notified of the completion of the audit and at that time you will be able to schedule the closing. Upon closing,
•
Documents memorializing the divorce and transfer of assets among licensees.
•
Corporate documents, partnership agreements, LLC agreements, minutes etc. (depending on type of change)
•
Documents verifying the cancellation of shares/interests, issuance of shares/interests and updated stock ledger (if applicable).
Gifting Among Licensees
Gambling and liquor activity may continue pending approval of the transfer via gift to an existing owner. Please send the following documents to
facilitate the review and approval of the transfer.
1.
Gifting statement that identifies both parties to the transaction, the intention of the transaction, and % of ownership being transferred.
2.
Current financial statements or most recent tax return for the licensed entity.
3.
You will be notified of the completion of the audit and at that time you will be able to schedule the closing. Upon closing,
•
Documents verifying gifting of ownership interest among licensees.
•
Corporate documents, partnership agreements, LLC agreements, minutes etc. (depending on type of change)
•
Documents verifying the cancellation of shares/interests, issuance of shares/interests and updated stock ledger (if applicable).
Form 37 Revised 12/2012
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