§ 3284.
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/vt/title-11/chapter-22/3284A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 3284. Effect of conversion; entity unchanged
(a)A partnership or limited partnership that has been converted pursuant to this subchapter is for all purposes the same entity that existed before the conversion.
(b)When a conversion takes effect:
(1)all property owned by the converting partnership or limited partnership remains vested in the converted entity;
(2)all obligations of the converting partnership or limited partnership continue as obligations of the converted entity; and
(3)an action or proceeding pending against the converting partnership or limited partnership may be continued as if the conversion had not occurred. (Added 1997, No. 149 (Adj. Sess.), § 1, eff. Jan. 1, 1999.)