(A)   A license shall be purely a personal privilege good for, but not to exceed, one year after issuance unless sooner revoked as in this chapter provided and shall not constitute property, nor shall it be alienable or transferrable, voluntarily or involuntarily, or subject to being encumbered or hypothecated.
   (B)   The license shall not descend by the laws of testate or intestate devolution, but it shall cease upon the death of the licensee; provided that, executors or administrators of estate of any deceased licensee and the trustee of any insolvent or bankrupt licensee, when the estate consists of part of alcoholic liquor, may continue the business of the sale of alcoholic liquor under the order of the appropriate court, and may exercise the privileges of the decease or insolvent or bankrupt licensee after the death of the decedent or insolvency or bankruptcy, until expiration of the license, but not longer than six months after the death, insolvency or bankruptcy of the licensee.
   (C)   Any transfer of ownership of 5% or more of the applicant business entity, whether that be in the individual, corporate or partnership form, shall require the submission of new information to the village updating the application of the licensee then on file. Any transfer of the legal or beneficial ownership of more than 50% of the voting securities or legal or equitable interest of the licensee, whether that licensee be an individual, corporation or partnership, shall be a transfer of ownership as defined in this section and shall be deemed to be a transfer of the license of licensee requiring that the transferee reapply for a license as otherwise provided in this chapter and pay the appropriate license fee. The transferor of the legal or beneficial ownership of more than 50% of the voting securities or legal or equitable interest of the licensee shall receive a prorated refund of the fees it paid the village for its liquor license(s), in the amount set forth in § 37.01(U)(7) of this code.
   (D)   Except as provided for in this code, there shall be no proration of license fee irrespective of when the application for license is received by the Local Control Commissioner. Any licensee may renew his or her license at the expiration thereof; provided, he or she is then qualified to receive a license and the premises for which the renewal license is sought are suitable for such purpose; and provided that, he or she has made application for renewal; and provided further, that the renewal privilege herein provided for shall not be construed as a vested right which shall, in any case, prevent the President and Board of Trustees from decreasing the number of licenses to be issued within its jurisdiction.
(1981 Code, § 36.06) (Am. Ord. 84-10, passed 6-18-1984; Am. Ord. 99-16, passed 6-7-1999; Am. Ord. 13-39, passed 10-21-2013; Am. Ord. 18-34, passed 10-15-2018)