§ 35-12-1505 — Effect Of Conversion

35-12-1505 . Effect of conversion. (1) An organization that has been converted pursuant to this part is for all purposes the same entity that existed before the conversion.
(2) When a conversion takes effect:
(a) all property owned by the converting organization remains vested in the converted organization;
(b) all debts, liabilities, and other obligations of the converting organization continue as obligations of the converted organization;
(c) an action or proceeding pending by or against the converting organization may be continued as if the conversion had not occurred;
(d) except as prohibited by other law, all of the rights, privileges, immunities, powers, and purposes of the converting organization remain vested in the converted organization; and
(e) except as otherwise provided in the plan of conversion, the terms and conditions of the plan of conversion take effect.
(3) A converted organization that is a foreign organization consents to the jurisdiction of the courts of this state to enforce any obligation owed by the converting limited partnership if before the conversion the converting limited partnership was subject to suit in this state on the obligation. A converted organization that is a foreign organization and not authorized to transact business in this state appoints the secretary of state as its agent for service of process for purposes of enforcing an obligation under this subsection. Service on the secretary of state under this subsection is made in the same manner and with the same consequences as in 35-7-113 .

Legislative History

En. Sec. 86, Ch. 216, L. 2011.