(1) A limited partnership formed under any statute of this state prior to November 1, 1981, may elect to be governed by the provisions of this article. The general partner or partners may make the election for the limited partnership at any time on or after November 1, 1981, by complying with the provisions of section 7-62-201; except that the limited partners shall not be required to execute a new certificate of limited partnership. Notwithstanding such election by the general partner or partners, the following rules shall apply:
(a) Sections 7-62-501, 7-62-502, and 7-62-608 apply only to contributions and distributions made after the date of the election;
(b) Section 7-62-704 applies only to assignments made after the date of the election; and
(c) Section 7-62-804 shall not be construed so as to change the priority of creditors for transactions entered into prior to the date of the election.
(2) A limited partnership formed under any statute of this state prior to November 1, 1981, until or unless it elects to be governed by this article, shall be governed by the provisions of article 61 of this title, or other applicable prior law; except that such limited partnership shall not be renewed unless provision therefor is specifically provided in the original partnership agreement or any amendment thereto prior to November 1, 1981.
Source: L. 81: Entire article added, p. 451, � 1, effective November 1.
7-62-1104. Rules for cases not provided for in this article - registration as limited liability limited partnership. (1) For any limited partnership formed under this article on or after August 10, 2016, article 64 of this title governs to the extent applicable in any case not otherwise provided for in this article.
(2) For any limited partnership formed under this article before August 10, 2016, in any case not provided for in this article, either article 60 or 64 of this title governs, to the extent applicable, as follows:
(a) A limited partnership may elect to be governed by article 64 of this title by delivering to the secretary of state, for filing pursuant to part 3 of article 90 of this title, a certificate of limited partnership or a certificate of amendment of limited partnership that includes a declaration that it elects to be governed by such article. If the election is made by a certificate of amendment, the certificate of amendment must be approved by all general partners, notwithstanding section 7-62-204 (1)(b).
(b) A limited partnership that has made the election in paragraph (a) of this subsection (2) is governed by article 64 of this title.
(c) A limited partnership that has not made the election in paragraph (a) of this subsection (2) is governed by article 60 of this title.
Source: L. 81: Entire article added, p. 451, � 1, effective November 1. L. 95: Entire section amended, p. 789, � 17, effective May 24. L. 97: Entire section amended, p. 916, � 7, effective January 1, 1998. L. 2002: (1)(a) amended, p. 1824, � 47, effective July 1; (1)(a) amended, p. 1688, � 45, effective October 1. L. 2016: Entire section amended, (HB 16-1333), ch. 241, p. 986, � 3, effective August 10.