Sec. 5. (a) If a partner who is an individual dies or a court adjudges the partner to be mentally incompetent, the partner’s personal representative, guardian, conservator, or other legal representative may exercise all of the partner’s rights for the purpose of settling the partner’s estate or administering the partner’s property, including any power the partner had to give an assignee the right to become a limited partner.

     (b) If a partner is a corporation, trust, or other entity and is dissolved or terminated, the powers of that partner may be exercised by the partner’s legal representative or successor.

As added by P.L.147-1988, SEC.1. Amended by P.L.33-1989, SEC.22.

Terms Used In Indiana Code 23-16-8-5

  • 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.
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Mentally incompetent: means of unsound mind. See Indiana Code 1-1-4-5
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
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