(1)  Except as otherwise provided in Subsection (4), a dissolved limited partnership may give notice of a known claim under Subsection (2), which has the effect provided in Subsection (3).

Terms Used In Utah Code 48-2e-806

  • General partner: means a person that:
(a) has become a general partner under Section 48-2e-401 or was a general partner in a limited partnership when the limited partnership became subject to this chapter under Section 48-2e-1205; and
(b) has not dissociated as a general partner under Section 48-2e-603. See Utah Code 48-2e-102
  • Limited partnership: means an entity formed under this chapter or which becomes subject to this chapter under 11, or Section 48-2e-1205. See Utah Code 48-2e-102
  • Partner: means a limited partner or general partner. See Utah Code 48-2e-102
  • 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.
  • Person: means an individual, business corporation, nonprofit corporation, partnership, limited partnership, limited liability company, limited cooperative association, unincorporated nonprofit association, statutory trust, business trust, common-law business trust, estate, trust, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See Utah Code 48-2e-102
  • State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Utah Code 48-2e-102
  • Writing: includes :Utah Code 68-3-12.5
    • (2)  A dissolved limited partnership may in a record notify its known claimants of the dissolution. The notice must:

    (a)  specify the information required to be included in a claim;

    (b)  state that a claim must be in writing and provide a mailing address to which the claim is to be sent;

    (c)  state the deadline for receipt of a claim, which may not be less than 120 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 throughout 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 48-2e-404.

    (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)  if the claim is timely received but rejected by the limited partnership:

    (i)  the limited partnership causes the claimant to receive a notice in a record stating that the claim is rejected and will be barred unless the claimant commences an action against the limited partnership to enforce the claim not later than 90 days after the claimant receives the notice; and

    (ii)  the claimant does not commence the required action not later than 90 days after the claimant receives the notice.

    (4)  This section does not apply to a claim based on an event occurring after the effective date of dissolution or a liability that on that date is contingent.

    Enacted by Chapter 412, 2013 General Session

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