§481-4 - Purchase at forced or bankrupt sales.
§481-4 Purchase at forced or bankrupt sales. In establishing the cost of a given article or product to the distributor and vendor, the invoice cost of the article or product purchased at a forced, bankrupt, closeout sale or other sale outside of the ordinary channels of trade may not be used as a basis for justifying a price lower than one based upon the replacement costs as of date of the sale of the article or product replaced through the ordinary channels of trade, unless the article or product is kept separate from goods purchased in the ordinary channels of trade and unless the article or product is advertised and sold as merchandise purchased at a forced, bankrupt, closeout sale, or by means other than through the ordinary channels of trade, and the advertising shall state the conditions under which the goods were so purchased, and the quantity of the merchandise to be sold or offered for sale. [L 1937, c 223, §4; RL 1945, §9324; RL 1955, §205-5; HRS §481-4]