Any license issued hereunder shall be purely a personal privilege to expire not later than December 31 next after the issuance unless sooner revoked as provided in this Chapter, and such license shall not constitute property nor shall it be subject to attachment, garnishment or execution nor shall it be alienable or transferable, voluntarily or involuntarily, nor shall it be subject to be encumbered or hypothecated. Such license shall not descend by the laws of testate or intestate devolution, but it shall cease and terminate upon the death of the licensee. Such license shall also cease and terminate upon the insolvency or bankruptcy of any licensee. Provided, however, that the executor or administrator of the estate of any deceased licensee or the trustee of any insolvent or bankrupt licensee, when such estate consists in part of alcoholic liquor, may continue the business of the sale at retail of such alcoholic liquor under order of the appropriate court and may exercise the privileges of the deceased or insolvent or bankrupt licensee after the death of such decedent or insolvency or bankruptcy until the expiration of such license but no longer than six (6) months after the death, bankruptcy or insolvency of such license. (Ord. 911, 12-18-78)