The license shall be a purely personal privilege, good for not to exceed one year after issuance, and shall not constitute property, be subject to attachment, garnishment or execution, or be alienable or transferable, as provided under the act. Failure to renew a liquor license and pay for such license during the first ten (10) days of the month in which such payment is due may be considered by the local liquor control commissioner as an abandonment by such licensee of his right to a renewal of such license. (1977 Code § 5-1-4; amd. 2004 Code)