Effective January 1, 2010, Chapter 1775 is repealed and no longer governs partnerships. 2008 HB332.
If a domestic partnership is a constituent entity to a merger or consolidation that has become effective, and the domestic partnership is not the surviving or resulting entity of the merger or consolidation, or if a domestic partnership is the converting entity in a conversion, a judgment creditor of a partner of that domestic partnership shall not levy execution against the assets of the partner to satisfy a judgment based on a claim against the surviving or resulting entity of the merger , consolidation, or conversion unless any of the following applies:
(A) The claim is for an obligation of the domestic partnership for which the partner is liable as provided in this chapter and one of the following applies:
(1) A judgment based on the same claim has been obtained against the surviving or resulting entity of the merger or consolidation or the entity resulting from the conversion and a writ of execution on the judgment has been returned unsatisfied in whole or in part.
(2) The surviving or resulting entity of the merger , consolidation, or conversion is a debtor in bankruptcy.
(3) The partner has agreed that the creditor need not exhaust the assets of the domestic partnership that was not the surviving or resulting entity of the merger or consolidation or the entity resulting from the conversion.
(4) The partner has agreed that the creditor need not exhaust the assets of the surviving or resulting entity of the merger or consolidation or the entity resulting from the conversion.
(B) A court grants permission to the judgment creditor to levy execution against the assets of the partner based on a finding that the assets of the surviving or resulting entity of the merger , consolidation, or conversion that are subject to execution are clearly insufficient to satisfy the judgment, that exhaustion of the assets of the surviving or resulting entity of the merger or consolidation or the entity resulting from the conversion is excessively burdensome, or that the grant of permission is an appropriate exercise of the court's equitable powers.
(C) Liability is imposed on the partner by law or contract independent of the existence of the surviving or resulting entity of the merger or consolidation or the entity resulting from the conversion.
Effective Date: 07-05-2002; 10-12-2006; 2008 HB332 01-01-2010
Section: Previous 1775.45 1775.46 1775.47 1775.48 1775.49 1775.50 1775.51 1775.52 1775.53 1775.54 1775.55 1775.56 1775.61 1775.62 1775.63 NextLast modified: October 10, 2016