§ 8688. Court proceedings.

336 words·~2 min read·/pa/title-15/chapter-86/8688

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Determination of security.-- A dissolved limited partnership that has officially published a notice under section 8687 (relating to other claims against dissolved limited partnership) may file an application with the court of common pleas embracing the county where the partnership's principal office is located or, if the principal office is not located in this Commonwealth, where its registered office is or was last located, for a determination of the amount and form of security to be provided for payment of claims that are reasonably expected to arise after the date of dissolution based on facts known to the partnership and:

(1)at the time of the application:

(i)are contingent; or

(ii)have not been made known to the partnership; or

(2)are based on an event occurring after the date of dissolution.

(b)When security not required.-- Security is not required for any claim that is or is reasonably anticipated to be barred under section 8687.

(c)Notice.-- Within 10 days after the filing of an application under subsection (a), the dissolved limited partnership shall give notice of the proceeding to each claimant holding a contingent claim known to the partnership.

(d)Guardian ad litem.-- In a proceeding brought under this section, the court may appoint a guardian ad litem to represent all claimants whose identities are unknown. The reasonable fees and expenses of the guardian, including all reasonable expert witness fees, must be paid by the dissolved limited partnership.

(e)Effect on contingent claims.-- A dissolved limited partnership that provides security in the amount and form ordered by the court under subsection

(a)satisfies the partnership's obligations with respect to claims that are contingent, have not been made known to the partnership or are based on an event occurring after the date of dissolution. The claims may not be enforced against a partner or transferee on account of assets received in liquidation.

15c8688v

Cross References. Section 8688 is referred to in sections 8654, 8687, 8689 of this title.

15c8689s