1. Where the owner of the business assets fails to pay the price or the balance of the price to the seller, or if he fails to repay the debt on the maturity date to the mortgagee, the seller or mortgagee may, after (8) eight days from the date of service of a notice to his debtor who has possession of the business assets, submit a petition to the interim relief judge requesting permission to sell in public auction all or some of the constituent elements of the business assets which are covered by the seller's or mortgagee's lien. 2. The sale shall be effected at the place, day and hour and in the manner designated by the judge. The sale shall be published according to the procedures and time limits set forth in the legislation in force in the State.
Interpretation and application must be checked against the official text and current version.