New Mexico Statutes 54-1A-904. Effect of conversion; entity unchanged
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(a) A partnership or limited partnership that has been converted pursuant to this article is for all purposes the same entity that existed before the conversion.
Terms Used In New Mexico Statutes 54-1A-904
- limited partnership: means a limited partnership created under the Uniform Limited Partnership Act [repealed], predecessor law or comparable law of another jurisdiction. See New Mexico Statutes 54-1A-901
- 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.
(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.