§1094. Effect of conversion
1.
Same entity.
A partnership that has been converted pursuant to this subchapter is for all purposes the same entity that existed before the conversion.
[PL 2005, c. 543, Pt. A, §2 (NEW).]
2.
Effective date.
When a conversion takes effect:
A.
All property owned by the converting partnership remains vested in the converted entity;
[PL 2005, c. 543, Pt. A, §2 (NEW).]
B.
All obligations of the converting partnership continue as obligations of the converted entity; and
[PL 2005, c. 543, Pt. A, §2 (NEW).]
C.
An action or proceeding pending by or against the converting partnership may be continued as if the conversion had not occurred.
[PL 2005, c. 543, Pt. A, §2 (NEW).]
[PL 2005, c. 543, Pt. A, §2 (NEW).]
SECTION HISTORY
PL 2005, c. 543, §A2 (NEW).