1. Any person to whom the ownership of a trade name is transferred, following the transfer of the ownership of the business assets, shall replace his predecessor in the rights and obligations accrued under the said trade name. Any agreement to the contrary does not be apply to third parties except from the date of being recorded in the commercial register and the parties concerned are so notified, unless otherwise is provided by any other legislation. 2. In case of denial and lack of lawful excuse, the action for the liability for the predecessor's obligations shall be barred after the lapse of (5) five years from the date on which the ownership of the business assets is transferred.
Interpretation and application must be checked against the official text and current version.