Maine Revised Statutes Title 31 Sec. 1396 – Known claims against dissolved limited partnership
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1. Dispose of known claims. A dissolved limited partnership may dispose of the known claims against it by following the procedure described in subsection 2.
[PL 2005, c. 543, Pt. C, §2 (NEW).]
Terms Used In Maine Revised Statutes Title 31 Sec. 1396
- General partner: means :
A. See Maine Revised Statutes Title 31 Sec. 1302Partner: means a limited partner or general partner. See Maine Revised Statutes Title 31 Sec. 1302 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. Person: means an individual; corporation; business trust; estate; trust; partnership; limited liability company; association; joint venture; government; governmental subdivision, agency or instrumentality; public corporation; or any other legal or commercial entity. See Maine Revised Statutes Title 31 Sec. 1302 Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Maine Revised Statutes Title 31 Sec. 1302 State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands or any territory or insular possession subject to the jurisdiction of the United States. See Maine Revised Statutes Title 31 Sec. 1302
2. Notice of dissolution. A dissolved limited partnership may notify its known claimants of the dissolution in a record. The notice must:
A. Specify the information required to be included in a claim; [PL 2005, c. 543, Pt. C, §2 (NEW).]
B. Provide a mailing address to which the claim is to be sent; [PL 2005, c. 543, Pt. C, §2 (NEW).]
C. State the deadline for receipt of the claim, which may not be less than 120 days after the date the notice is received by the claimant; [PL 2005, c. 543, Pt. C, §2 (NEW).]
D. State that the claim will be barred if not received by the deadline; and [PL 2005, c. 543, Pt. C, §2 (NEW).]
E. Unless the limited partnership has been throughout its existence a limited liability limited partnership, state that the barring of a claim against the limited partnership will also bar any corresponding claim against any general partner or person dissociated as a general partner that is based on section 1354. [PL 2005, c. 543, Pt. C, §2 (NEW).]
[PL 2005, c. 543, Pt. C, §2 (NEW).]
3. Claim barred. A claim against a dissolved limited partnership is barred if the requirements of subsection 2 are met and:
A. The claim is not received by the specified deadline; or [PL 2005, c. 543, Pt. C, §2 (NEW).]
B. In the case of a claim that is timely received but rejected by the dissolved limited partnership, the claimant does not commence an action to enforce the claim against the limited partnership within 90 days after the receipt of the notice of the rejection. [PL 2005, c. 543, Pt. C, §2 (NEW).]
[PL 2005, c. 543, Pt. C, §2 (NEW).]
4. Claims or liability after dissolution. This section does not apply to a claim based on an event occurring after the effective date of dissolution or a liability that is contingent on that date.
[PL 2005, c. 543, Pt. C, §2 (NEW).]
SECTION HISTORY
PL 2005, c. 543, §C2 (NEW).