Section 16-501. LIMITATIONS ON FIRE SALES

 

501.1The goods, wares, or merchandise to be offered for sale at a fire sale shall be only those goods, wares, or merchandise that were actually present in the premises at the time of the occurrence of the fire forming the basis for such fire sale.

 

501.2The goods, wares, or merchandise offered for sale in a fire sale shall be limited to those items which are demonstrably lessened in value as a result of having been in the premises at the time of the occurrence of the fire forming the basis for the sale.

 

501.3Goods, wares, or merchandise shall be considered as being lessened in value within the meaning of this section if they or the packages containing them, show any sign of having been in premises in which the fire occurred, including but not limited to, visible damage by fire, water, or smoke, or noticeable odor (no matter how slight) indicating that the goods, wares, or merchandise have been in, or in proximity to, the fire.

 

501.4Wherever the value of any component part of a set or suite is lessened as described in § 501.3, the whole set or suite shall be considered so affected.