A license shall be purely a personal privilege, good for not to exceed one year after issuance, unless sooner revoked as set forth in this chapter. The license shall not constitute property, nor shall it be subject to attachment, garnishment or execution, nor shall it be alienable, voluntarily or involuntarily, or subject to being encumbered or alienated. The license is not transferable to any other person, party, entity or location either for consideration or not for consideration. As to a closely held corporation, an illegal transfer will be deemed to have been attempted and the license shall become null and void if any person owning twenty percent (20%) or more of the stock transfers the stock to another person who previously held less than fifty percent (50%) of the stock. As to a public corporation, an illegal transfer will be deemed to have been attempted and the license shall become null and void if there has been a buyout, a takeover or any other transaction involving the sale or transfer of more than fifty percent (50%) of the stock or assets of the corporation. A license issued to an individual or a partnership shall cease upon the death of the licensee or a partner of a licensee and shall not descend by the laws of testate or intestate devolution. However, the executors or administrators of the estate of any deceased licensee, and the trustee of any insolvent or bankrupt licensee, when the estate consists in part of alcoholic liquor may, upon written notice to the commissioner, continue the business of the sale of alcoholic liquor under the order of the appropriate court. In such cases, the executor, administrator or trustee may exercise the privileges of the deceased or insolvent or bankrupt licensee after the death of decedent, or such insolvency or bankruptcy until the expiration of the license, or until six (6) months after the death, bankruptcy or insolvency of the licensee, whichever occurs first. If a corporation to whom a license has been issued is ordered into receivership or files for bankruptcy, the receiver or trustee may continue the operation of the business under the existing license under order of the appropriate court until the expiration of the license or until the passage of six (6) months from the date of appointment of a receiver or trustee, whichever comes first. Upon the death of any person owning five percent (5%) or more of the shares in a closely held corporation, the commission shall be notified and if the shares are transferred to a person who is not currently named in the application as a shareholder, then the licensee shall apply for a new license. Upon the alienation, sale, transfer, assignment or donation of the business that underlies the license to any third party or person other than the licensee, the liquor license shall automatically become void and the number of available licenses in that classification as authorized by the corporate authorities shall automatically and immediately be reduced by one. Any licensed establishment that has discontinued the sale or service of alcoholic liquor or that has not been open for business at least four (4) days per week for a period of thirty (30) days or more shall automatically forfeit its license. Any licensed establishment that has discontinued the sale or service of alcoholic liquor, has not been open for business at least four (4) days per week for a period of thirty (30) days or more or whose license shall have been terminated, shall automatically forfeit its license. Upon the forfeiture of the license, for any of these reasons, the number of available licenses set forth in Section 3-2-1, shall be automatically reduced by one, even without an Ordinance actually reducing the number. However, the City, in its broad discretion as provided by law, wishes to issue another license, it may do so up to the number of licenses that remain listed within Section 3-2-11. City shall notify any entity seeking a license whether based upon the number shown in Section 3-2-11, or automatically reduced in accordance with Section 3-2-15, the applicant is applying for a then available license or will need to seek the broad discretion of the City in issuing what in effect will be a new license but within the maximum number of licenses then contained within Section 3-2-11. (Ord. 800, 10-5-2015; amd. Ord. 872, 3-7-2022)