Oregon Statutes 67.365 – Effect of merger
(1) When a merger involving a partnership takes effect:
Terms Used In Oregon Statutes 67.365
- Appraisal: A determination of property value.
- Business: includes every trade, occupation, profession and commercial activity. See Oregon Statutes 67.005
- Limited liability partnership: means a partnership that has registered under ORS § 67. See Oregon Statutes 67.005
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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: means an association of two or more persons to carry on as co-owners a business for profit created under ORS § 67. See Oregon Statutes 67.005
- Partnership agreement: means the agreement, whether written, oral or implied, among the partners concerning the partnership, including amendments to the partnership agreement. See Oregon Statutes 67.005
- Property: means all property, real, personal or mixed, tangible or intangible, or any interest therein. See Oregon Statutes 67.005
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
(a) Every other business entity that is a party to the merger merges into the surviving business entity, and the separate existence of every other party ceases;
(b) The title to all real estate and other property owned by each of the business entities that were parties to the merger is vested in the surviving business entity without reversion or impairment;
(c) All obligations of each of the business entities that were parties to the merger, including, without limitation, contractual, tort, statutory and administrative obligations, are obligations of the surviving business entity;
(d) An action or proceeding pending against each of the business entities or its owners that were parties to the merger may be continued as if the merger had not occurred, or the surviving business entity may be substituted as a party to the action or proceeding;
(e) If a partnership is the surviving business entity, its partnership agreement is amended to the extent provided in the plan of merger;
(f) The shares or other ownership interests of each partner or other owner that are to be converted into shares or other ownership interests or obligations of the surviving business entity or any other business entity, or into cash or other property, are converted as provided in the plan of merger;
(g) Liability of an owner for obligations of a business entity, including, without limitation, contractual, tort, statutory and administrative obligations, shall be determined:
(A) As to obligations incurred prior to merger, according to the laws applicable prior to merger, except as provided in paragraph (h) of this subsection; and
(B) As to obligations incurred after merger, according to the laws applicable after merger, except as provided in paragraph (i) of this subsection;
(h) If a party to the merger is a partnership other than a limited liability partnership and its obligations incurred before the merger are not satisfied by the surviving business entity, the persons who were partners of the merging partnership immediately before the effective date of the merger shall contribute the amount necessary to satisfy the merging business entity’s obligation to the surviving business entity in the manner provided in ORS § 67.315 as if the merged party were dissolved; and
(i) If prior to merger an owner of a business entity was a partner of a partnership or general partner of a limited partnership or a foreign limited partnership, and was personally liable for the business entity’s obligations, and after merger is an owner normally protected from personal liability, then such owner shall continue to be personally liable for the business entity’s obligations incurred during the 12 months following merger, if the other party or parties to the transaction reasonably believed that the owner would be personally liable and had not received notice of the merger.
(2) Owners of the business entity that merged are entitled to the rights provided in the plan of merger and:
(a) Any partner who did not vote in favor of the merger is deemed to have dissociated from the partnership effective immediately before the merger unless, within 60 days after the later of the effective date of the merger or the date the partner receives notice of the merger, the partner notifies the partnership of the partner’s desire not to dissociate. A dissociation under this paragraph is not a wrongful withdrawal; and
(b) In the case of owners of business entities other than partnerships, the rights provided in the statutes applicable to the business entity prior to merger, including, without limitation, any rights to dissent, to dissociate, to withdraw, to recover for breach of any duty or obligation owed by the other owners, and to obtain an appraisal or payment for the value of an owner’s interest.
(3) The registration of an assumed business name of a business entity under ORS Chapter 648 shall not be affected by the merger. [1997 c.775 § 45; 1999 c.362 § 49]
[1997 c.775 § 46; repealed by 1999 c.362 § 67]
[1997 c.775 § 47; renumbered 67.600 in 2013]
[1997 c.775 § 48; 2013 c.159 § 12; renumbered 67.011 in 2013]
[1997 c.775 § 49; 1999 c.362 50,50a; renumbered 67.014 in 2013]
[1997 c.775 § 50; renumbered 67.017 in 2013]
[1997 c.775 § 51; 1999 c.486 § 12; renumbered 67.021 in 2013]
[1997 c.775 § 52; renumbered 67.024 in 2013]
[1997 c.775 § 53; renumbered 67.027 in 2013]
[1997 c.775 § 54; renumbered 67.030 in 2013]
[1997 c.775 § 55; renumbered 67.033 in 2013]
[1997 c.775 § 56; 1997 c.774 § 15a; 2007 c.186 § 9; renumbered 67.603 in 2013]
[1997 c.775 § 57; renumbered 67.606 in 2013]
LIMITED LIABILITY PARTNERSHIPS
(Generally)