Section 10-8A-904 Effect of conversion; entity unchanged.
Section 10-8A-904
Effect of conversion; entity unchanged.
REPEALED IN THE 2009 REGULAR SESSION BY ACT 2009-513, EFFECTIVE JANUARY 1, 2011. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
(a) A partnership, limited partnership, corporation or limited liability company that has been converted pursuant to this article 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, limited partnership, corporation or limited liability company remains vested in the converted entity;
(2) all obligations of the converting partnership, limited partnership, corporation or limited liability company continue as obligations of the converted entity; and
(3) an action or proceeding pending by or against the converting partnership, limited partnership, corporation or limited liability company may be continued as if the conversion had not occurred.
(Acts 1996, No. 96-528, p. 685, §1.)