1. Except as provided in subsection A2 of this section, the sales tax imposed pursuant to section 3-2-5 of this chapter shall be a first and prior lien upon the real and personal property of or used by the taxpayer, including, without limitation, the goods, inventory (stock in trade) and business fixtures of such taxpayer, and shall take precedence over the other liens, encumbrances, security interest and claims of whatsoever kind or nature.

2. Any retailer or person in possession shall provide a copy of any lease pertaining to the assets and property described in subsection A1 of this section to the finance director within ten (10) days after seizure by the town of such assets and property. The finance director shall verify that such lease is bona fide and notify the owner that such lease has been received by the finance director. The finance director shall use his or her best efforts to notify the owner of the real or personal property which might be subject to the lien created in subsection A1 of this section. The real or personal property of an owner who has made a bona fide lease to a retailer shall be exempt from the lien created in subsection A1 of this section: (a) if such property can reasonably be identified from the lease description; or (b) if the lessee is given the option to purchase in such lease and has not exercised such option to become the owner of the property leased. This exemption shall become effective from the date of the execution of the lease. Such exemption shall also apply if the lease is recorded with the clerk and recorder of Summit County. Motor vehicles which are properly registered in this state, showing the lessor as owner thereof, shall be exempt from the lien created in subsection A1 of this section; except that such lien shall apply to the extent that the lessee has an earned reserve, allowance for depreciation not to exceed fair market value, or similar interest which is or may be credited to the lessee. Where the lessor and lessee are blood relatives or relatives by law or have twenty-five percent (25%) or more common ownership, a lease between such lessee and such lessor shall not be considered as bona fide for the purpose of this subsection A2.

3. Any retailer who sells out his business or stock of goods, or quits business, shall be required to make out the return as provided in this chapter within ten (10) days after the date he sold his business or stock of goods, or quit business, and his successor in business shall be required to withhold sufficient purchase money to cover the amount of said taxes due and unpaid until such time as the former owner produces a receipt from the finance director showing that the taxes have been paid or a certificate that no taxes are due.

4. If the purchaser of a business or stock of goods fails to withhold the purchase money as provided in subsection A3 of this section, and the taxes are due and unpaid after the ten (10) day period allowed, he, as well as the vendor, shall be personally liable for the payment of the taxes unpaid by the former owner. Likewise, anyone who takes any stock of goods or business fixtures of or used by any retailer under lease, title retaining contract, or other contract arrangement, by purchase, foreclosure sale, or otherwise, takes the same subject to the lien for any delinquent sales taxes owned by such retailer and shall be liable for the payment of all delinquent sales taxes of such prior owner, not, however, exceeding the value of property so taken or acquired.