(A)   A license shall be a purely personal privilege, good for a period not to exceed one year after issuance unless sooner terminated or 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. Such license shall cease upon the death or dissolution of the licensee, and shall not descend by the laws of the state or intestate devolution; 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 the 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 such insolvency or bankruptcy, until the expiration of such license, but not longer than six months after the death, bankruptcy or insolvency of such license.
   (B)   When the licensee is a corporation, the license shall terminate upon dissolution or whenever 50% or more of the ownership interest therein changes from that shown on the original license application. In such event, the corporation or limited liability company, through its officers, must make application for the issuance of a new license as provided herein; provided, however, that the provisions of this division shall not apply where the transfer of an ownership interest is made to an owner shown on the original license application who owned 50% or more of the ownership interest of such corporation at the time the original license application was filed with the village.
(Ord. 2019-39, passed 11-4-19)