1. Same entity. A partnership that has been converted pursuant to this subchapter is for all purposes the same entity that existed before the conversion. [PL 2005, c. 543, Pt. A, §2 (NEW).] 2. Effective date. When a conversion takes effect: A. All property owned by the converting partnership remains vested in the converted entity; [PL 2005, c. 543, Pt. A, §2 (NEW).] B. All obligations of the converting partnership continue as obligations of the converted entity; and [PL 2005, c. 543, Pt. A, §2 (NEW).] C. An action or proceeding pending by or against the converting partnership may be continued as if the conversion had not occurred. [PL 2005, c. 543, Pt. A, §2 (NEW).] [PL 2005, c. 543, Pt. A, §2 (NEW).]
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