Legal Question in Credit and Debt Law in Maryland

It depends how the transfer was structured. If a business entity (say a LLC or corporation) sells only its assets, including its trade names, the acquiring entity (the buyer) will usually NOT be responsible for prior debts. The selling entity would still remain liable for its debts. However, if the entity itself is sold to new shareholders/members/owners, the entity will keep its responsibility for its debts (in other words, the individual owners/shareholders wouldn't gain or lose responsibility; a company debt would remain a company debt).