53-3-904 EFFECT OF CONVERSION -- ENTITY UNCHANGED. - Idaho Statutes

TITLE 53

PARTNERSHIP

CHAPTER 3

UNIFORM PARTNERSHIP ACT

PART 9.

CONVERSIONS AND MERGERS

53-3-904. Effect of conversion -- Entity unchanged. (a) A partnership or limited partnership that has been converted pursuant to this part 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 partnership or limited partnership remains vested in the converted entity;

(2) All obligations of the converting partnership or limited partnership continue as obligations of the converted entity; and

(3) An action or proceeding pending against the converting partnership or limited partnership may be continued as if the conversion had not occurred.