(a) A partnership or limited partnership 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: (i) All property owned by the converting partnership or limited partnership remains vested in the converted entity; (ii) All obligations of the converting partnership or limited partnership continue as obligations of the converted entity; and (iii) An action or proceeding pending against the converting partnership or limited partnership may be continued as if the conversion had not occurred.
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