362.546 Effect of merger.
246 words·~1 min read·
/ky/chapter-362/362-546A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
When a merger takes effect:
(1)The separate existence of every domestic limited partnership that is a party to the
merger except the surviving domestic limited partnership, if any, shall cease;
(2)The title to all real estate and other property owned by each domestic limited
partnership that is a party to the merger shall be vested in the surviving entity
without reversion or impairment;
(3)The surviving entity shall be responsible for all liabilities of each domestic limited
partnership that is a party to the merger;
(4)A proceeding pending by or against any domestic limited partnership party to the
merger may be continued as if the merger had not occurred, or the surviving entity
may be substituted in the proceeding for the domestic limited partnership whose
existence ceased;
(5)If a domestic limited partnership is the surviving entity of the merger, the certificate
of limited partnership and partnership agreement of that limited partnership shall be
amended to the extent provided in the plan of merger; and
(6)The partnership interests of every domestic limited partnership that is a party to the
merger that are to be converted into partnership interests, membership interests,
shares or other securities or obligations of the surviving limited partnership, limited
liability company or corporation or into cash or other property, in whole or in part,
shall be so converted and the former holders of such partnership interests shall be
entitled only to the rights provided in the plan of merger.