If the transferee is liable for the obligations of the transferor in accordance with Article 42 (1) or the preceding Article, the liability of the transferor to a third party shall be extinguished two years after the transfer of the business or after the assumption of obligations is made public.
Laws › Commercial Act › CHAPTER VII TRANSFER OF BUSINESS
Commercial Act — Article 45 (Duration of Liability of Business Transferor)
상법 제45조
This English translation is based on the Korean text effective 2018-12-19. The Korean law has since been amended (current version effective 2026-09-10) — check the Korean original.
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