Effect of conversion; entity unchanged (a) A partnership or limited partnership that has been converted pursuant to this subchapter 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 or limited partnership remains vested in the converted entity; (2) all obligations of the converting partnership or limited partnership continue as obligations of the converted entity; and (3) an action or proceeding pending against the converting partnership or limited partnership may be continued as if the conversion had not occurred. (Added 1997, No. 149 (Adj. Sess.), § 1, eff. Jan. 1, 1999.)
Vermont Legal Code