An alcoholic liquor license shall be purely a personal privilege and shall be valid for the time specified therein unless sooner revoked or suspended, and shall not constitute property nor shall it be subject to attachment, garnishment or execution; nor shall it be alienable or transferable, voluntarily or involuntarily, or subject to be encumbered or hypothecated. Such 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 the estate of any deceased licensee and the trustee of any insolvent or bankrupt licensee, when such estate consists in part of alcoholic liquor, may continue the business of the sale or manufacture of alcoholic liquor under order of the appropriate court, and may exercise the privileges of the deceased or insolvent or bankrupt until the expiration of such license after the death of such decedent, or such insolvency or bankruptcy until the expiration of such license, but no longer than six (6) months after the death, bankruptcy or insolvency of such licensee. A refund shall be made of that portion of the license fees paid for any full calendar month in which the licensee shall be prevented from operating under such license in accordance with the provisions of this section. (Ord. 97-30, 9-18-1997)