Section 10-9B-1104 Effect of conversion; entity unchanged. - Alabama Statutes

Section 10-9B-1104

Effect of conversion; entity unchanged.

REPEALED IN THE 2009 REGULAR SESSION BY ACT 2009-621, EFFECTIVE JANUARY 1, 2010. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.

(a) A limited partnership, general partnership, corporation, limited liability company, or foreign limited partnership that has been converted pursuant to this article is for all purposes the same entity that existed before the conversion.

(b) When a conversion takes effect:

(1) All property owned by the converting limited partnership, general partnership, corporation, limited liability company, or foreign limited partnership remains vested in the converted entity;

(2) All obligations of the converting limited partnership, general partnership, corporation, limited liability company, or foreign limited partnership continue as obligations of the converted entity; and

(3) An action or proceeding pending by or against the converting limited partnership, general partnership, corporation, limited liability company, or foreign limited partnership may be continued as if the conversion had not occurred.

(Act 97-921, 1st Ex. Sess., p. 335, §1.)