Sec. 3. (a) Unless otherwise provided in the
partnership agreement, the general partners who have not wrongfully dissolved a limited partnership or, if none, the limited partners, may wind up the limited partnership’s affairs. However, the circuit or superior court of the county in which the office of the limited partnership referred to in
IC 23-0.5-4 is located, or if the office referred to in
IC 23-0.5-4 is not within Indiana, the circuit or superior court of the county in which the business address of the registered agent referred to in
IC 23-0.5-4 is located, may wind up the limited partnership’s affairs upon application of any partner or of any partner’s legal representative or assignee, and in connection with the winding up, may appoint a liquidating
trustee.
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Terms Used In Indiana Code 23-16-9-3
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
- Trustee: A person or institution holding and administering property in trust.
As added by P.L.147-1988, SEC.1. Amended by P.L.118-2017, SEC.76.
