§ 13-C §957 — Effect of entity conversion

1.
Conversion to domestic business corporation or domestic other entity.
When a conversion under this subchapter in which the surviving entity is a domestic business corporation or domestic unincorporated entity becomes effective:
2.
Conversion to a foreign other entity.
When a conversion of a domestic business corporation to a foreign unincorporated entity becomes effective, the surviving entity is deemed to:
3.
Owner liability; shareholder.
A shareholder who becomes subject to owner liability for some or all of the debts, obligations or liabilities of the surviving entity is personally liable only for those debts, obligations or liabilities of the surviving entity that arise after the effective time of the articles of entity conversion.
4.
Interest holder; owner liability.
The owner liability of an interest holder in an unincorporated entity that converts to a domestic business corporation is as provided in this subsection.

Legislative History

PL 2001, c. 640, §A2 (NEW). PL 2001, c. 640, §B7 (AFF).