North Dakota Code 45-10.2-72 – (806) Known claims against dissolved limited partnership
1. A dissolved limited partnership may dispose of the known claims against it by following the procedure described in subsection 2.
Terms Used In North Dakota Code 45-10.2-72
- following: when used by way of reference to a chapter or other part of a statute means the next preceding or next following chapter or other part. See North Dakota Code 1-01-49
- 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.
- Partnership: includes a limited liability partnership registered under chapter 45-22. See North Dakota Code 1-01-49
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
2. A dissolved limited partnership may notify its known claimants of the dissolution in a record. The notice must:
a. Specify the information required to be included in a claim; b. Provide a mailing address to which the claim is to be sent; c. State the deadline for receipt of the claim, which may not be less than one hundred twenty days after the date the notice is received by the claimant; d. State that the claim will be barred if not received by the deadline; and
e. Unless the limited partnership has been at each moment during its existence a limited liability limited partnership, state that the barring of a claim against the limited partnership will also bar any corresponding claim against any general partner or person dissociated as a general partner which is based on section 45-10.2-40.
3. A claim against a dissolved limited partnership is barred if the requirements of subsection 2 are met and:
a. The claim is not received by the specified deadline; or
b. In the case of a claim that is timely received but rejected by the dissolved limited partnership, the claimant does not commence an action to enforce the claim against the limited partnership within ninety days after the receipt of the notice of the rejection.
4. This section does not apply to a claim based on an event occurring after the effective date of dissolution or a liability that is contingent on that date.