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Book 1 · Commercial entities  ›  Division 3 · Commercial business name › Section 27

Section 27

(1) If a commercial business forming part of an estate is continued by the heirs, then the stipulations of section 25 apply accordingly to the liability of the heir for prior liabilities of the business.

(2) Unlimited liability pursuant to section 25 (1) will not arise if continuation of the business is terminated within three months of the date on which the heir gained knowledge of the devolution of the inheritance. The provisions applicable to prescription in section 210 of the Civil Code apply accordingly to the running of the time limit. Where the right to disclaim the inheritance has not been forfeited at the end of the three months, the time limit will not end prior to the expiry of the period for disclaimer.

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