61-1-904 - Effect of conversion. - Tennessee Statutes

61-1-904. Effect of conversion.

(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.

[Acts 2001, ch. 353.]