Montana Code 35-10-637. Effect of conversion — entity unchanged
35-10-637. Effect of conversion — entity unchanged. (1) A partnership or limited partnership that has been converted pursuant to 35-10-635 or 35-10-636 is for all purposes the same entity that existed before the conversion.
Terms Used In Montana Code 35-10-637
- 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: means real and personal property. See Montana Code 1-1-205
(2)When a conversion takes effect:
(a)all property owned by the converting partnership or limited partnership remains vested in the converted entity;
(b)all obligations of the converting partnership or limited partnership continue as obligations of the converted entity; and
(c)an action or proceeding pending against the converting partnership or limited partnership may be continued as if the conversion had not occurred.