§ 23-16-9-3 — Winding up

Indiana § 23-16-9-3

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 16: LIMITED PARTNERSHIPS
• Ch. 9: Dissolution

Text

(a) Unless otherwise provided in the
partnership agreement, the general partners who have not wrongfully
dissolved a limited partnership or, if none, the limited partners, may
wind up the limited partnership's affairs. However, the circuit or
superior court of the county in which the office of the limited
partnership referred to in IC 23-0.5-4 is located, or if the office referred
to in IC 23-0.5-4 is not within Indiana, the circuit or superior court of
the county in which the business address of the registered agent
referred to in IC 23-0.5-4 is located, may wind up the limited
partnership's affairs upon application of any partner or of any partner's
legal representative or assignee, and in connection with the winding up,
may appoint a liquidating trustee.
(b) Upon the dissolution of a limited partnership, the persons
winding up the affairs of a limited partnership may, in the name of the
limited partnership and for and on behalf of the limited partnership,
prosecute and defend civil, criminal, and administrative proceedings,
settle and close the limited partnership's business, dispose of and
convey the limited partnership's property, discharge the limited
partnership's liabilities, and distribute to the partners any remaining
assets of the limited partnership, all without affecting the liability of
limited partners.

Legislative History

As added by P.L.147-1988, SEC.1. Amended by P.L.118-2017, SEC.76.