Sale of Business Assets and Publicity Requirements

A contract for the sale of a business, where the seller retained possession of the business's assets, was held to be subject to the publicity requirements applicable to transfers of business assets, specifically the requirement to file a declaration of the sale within a certain timeframe with the appropriate authority. The court ruled that the failure to comply with this mandatory publicity formality rendered the transfer unenforceable against third parties, as the law mandates this formality for the protection of creditors and third parties having dealings with the business.