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.
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.