§ 31 §1453 — Application to existing relationships

1.
Before July 1, 2008.
Before July 1, 2008, this chapter governs only:
2.
On or after July 1, 2008.
Except as otherwise provided in subsection 3, on and after July 1, 2008, this chapter governs all limited partnerships.
3.
Existing limited partnerships.
With respect to a limited partnership formed before July 1, 2007, the following rules apply except as the partners otherwise elect in the manner provided in the partnership agreement or by law for amending the partnership agreement.
4.
Limited partnership that elects to be subject.
With respect to a limited partnership that elects pursuant to subsection 1, paragraph B to be subject to this chapter, after the election takes effect the provisions of this chapter relating to the liability of the limited partnership's general partners to 3rd parties apply:
5.
Effect of nonelection by limited partnership formed before July 1, 2007.
A limited partnership formed before July 1, 2007 that does not elect pursuant to subsection 1, paragraph B to be subject to this chapter continues to be governed by the provisions of former chapter 11 until July 1, 2008.

Legislative History

PL 2005, c. 543, §C2 (NEW). PL 2007, c. 502, §1 (AMD). PL 2007, c. 502, §2 (AFF).