A retail liquor license shall be purely a personal privilege, good for not more than one year after issuance, unless sooner revoked as provided in this chapter, 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 being encumbered or hypothecated. 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 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 under order of the appropriate court, and may exercise the privileges of the deceased or insolvent or bankrupt licensee after the death of the decedent, or the insolvency or bankruptcy until the expiration of the license, but not longer than 6 months after the death, bankruptcy or insolvency of the licensee.
('69 Code, § 3-29)