Section 209 - Bankruptcy, death, and revocation(a) If a licensee or permittee becomes bankrupt or dies before the expiration of its license or permit, the licensee's or permittee's trustee, executor, or administrator may sell the alcohol that came into its possession to a holder of a license or permit of the same class.(b) If a license or permit is revoked under the provisions of this title, after the revocation, the licensee or permittee may sell the alcohol in its possession at the time of the revocation to a holder of a license or permit of the same class.(c)(1) All sales under this section shall be made within 30 days after the bankruptcy, death, or revocation and shall include immediate and actual delivery of the alcohol.(2) Notwithstanding subdivision (1) of this subsection, upon application of the executor or administrator of a deceased licensee or permittee, the Board may transfer the license or permit of the decedent to the executor or administrator without payment of any additional fee, and the executor or administrator may then carry on the business of the decedent under the license or permit until its expiration.(d)(1) The holder of a manufacturer's or rectifier's license may pledge or mortgage alcoholic beverages manufactured or rectified by the licensee, and the pledgee or mortgagee may retain possession of the alcoholic beverages and, if the licensee defaults, may sell and dispose of the alcoholic beverages to persons to whom the licensee might lawfully sell the alcoholic beverages, subject to the same restrictions and regulations as the licensee and to any further restriction or rules prescribed by the Board of Liquor and Lottery with respect to advance notice to it of the sale and determination by it of the persons entitled to buy and the manner of the sale.(2) Any sale pursuant to a default on a pledge or mortgage shall not be at public auction as required with respect to similar sales of other property but shall be upon not less than 10 days' notice to the pledgor or mortgagor and for the highest amount that may be offered pursuant to the rules of the Board of Liquor and Lottery.Amended 2001, No. 143 (Adj. Sess.), § 14, eff. 6/21/2002; 2017 , No. 83, § 28; 2018, No. 1 (Sp. Sess.), § 31.