Maine Revised Statutes Title 31 Sec. 1094 – Effect of conversion
Current as of: 2023 | Check for updates
|
Other versions
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).]
Terms Used In Maine Revised Statutes Title 31 Sec. 1094
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Partnership: means a partnership formed under section 1022 or any predecessor law. See Maine Revised Statutes Title 31 Sec. 1091
- Property: means all property, real, personal or mixed, tangible or intangible or any interest therein. See Maine Revised Statutes Title 31 Sec. 1001
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).