Indiana Code 23-16-5-2. Events of withdrawal
(1) The general partner withdraws from the limited partnership as provided in IC 23-16-7-2.
Terms Used In Indiana Code 23-16-5-2
- Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
- Fiduciary: A trustee, executor, or administrator.
- 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: includes personal and real property. See Indiana Code 1-1-4-5
- Statute: A law passed by a legislature.
- Trustee: A person or institution holding and administering property in trust.
(3) The general partner is removed as a general partner in accordance with the partnership agreement.
(4) Unless otherwise provided in the partnership agreement, or with the specific written consent of all partners, the general partner:
(A) makes an assignment for the benefit of creditors;
(B) files a voluntary petition in bankruptcy;
(C) is adjudged a bankrupt or an insolvent, or an order of relief is entered against the general partner in any bankruptcy or insolvency proceeding;
(D) files a petition or answer seeking for the general partner any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any statute, law, or regulation;
(E) files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against the general partner in any proceeding described in clause (D); or
(F) seeks, consents to, or acquiesces in the appointment of a trustee, receiver, or liquidator of the general partner or of all or a substantial part of the general partner’s properties.
(5) Unless otherwise provided in the partnership agreement, or with the specific written consent of all partners:
(A) in the case of any proceeding against the general partner seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any statute, rule, or regulation, the continuation of the proceeding, without dismissal, one hundred twenty (120) days after the proceeding was commenced; or
(B) in the case of the appointment, without the general partner’s consent or acquiescence, of a trustee, receiver, or liquidator of the general partner or of all or any substantial part of the general partner’s properties, the absence of any order vacating or staying the appointment within ninety (90) days after the appointment, or, if the appointment is stayed, the absence of any order vacating the appointment within ninety (90) days after the stay expires.
(6) In the case of a general partner who is an individual:
(A) the general partner dies; or
(B) an order is entered by a court adjudicating the general partner incompetent to manage the general partner’s own person or property.
(7) In the case of a general partner who is acting as a general partner by virtue of being a trustee of a trust, the trust terminates (but not merely the substitution of a new trustee).
(8) In the case of a general partner that is a separate partnership, the separate partnership dissolves and winding up is commenced.
(9) In the case of a general partner that is a corporation, a certificate of dissolution, or its equivalent, is filed for the corporation or the corporation’s charter is revoked.
(10) In the case of a general partner that is an estate, the fiduciary distributes the estate’s entire interest in the limited partnership.
As added by P.L.147-1988, SEC.1.