§ 23-16-8-5 — Power of estate of deceased or incompetent partner

Indiana § 23-16-8-5

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 16: LIMITED PARTNERSHIPS
• Ch. 8: Assignment of Partnership Interests

Text

(a) If a partner who is an individual dies or a
court adjudges the partner to be mentally incompetent, the partner's
personal representative, guardian, conservator, or other legal
representative may exercise all of the partner's rights for the purpose of
settling the partner's estate or administering the partner's property,
including any power the partner had to give an assignee the right to
become a limited partner.
(b) If a partner is a corporation, trust, or other entity and is dissolved
or terminated, the powers of that partner may be exercised by the
partner's legal representative or successor.

Legislative History

As added by P.L.147-1988, SEC.1. Amended by P.L.33-1989, SEC.22.