§ 7-90-1005 — Effect of reinstatement

(1) Subject to subsection (2) of this
section, upon reinstatement, the existence of the entity shall be deemed for all
purposes to have continued without interruption; the entity resumes carrying on its
business or conducting its activities as if dissolution had never occurred; any debt,
obligation, or liability incurred by the entity or an owner or manager of the entity
before or after the dissolution shall be determined as if dissolution had never
occurred; and, if the entity was, at the time of its dissolution, a limited liability
limited partnership, it continues, upon reinstatement, to be a limited liability limited
partnership.

(2) The rights of owners and other persons arising by reason of reliance on
the dissolution before those persons had notice of the reinstatement shall not be
adversely affected by the reinstatement.

Legislative History

Source: L. 2003: Entire part added, p. 2313, � 217, effective July 1, 2004. L. 2004: (1) amended, p. 1495, � 245, effective July 1.