1. (a) Upon its domestication, a foreign foundation shall be:

   1. (1) Domesticated as foundation; and
   2. (2) Subject to this chapter in the same manner as a foundation originally formed under this chapter.
2. (b) Notwithstanding the effective date of the domestication or this chapter, a domesticated foundation's existence shall be deemed to have commenced on the date that its existence commenced in the jurisdiction in which it was originally formed.
3. (c) All title to real property and other property owned by a foundation before its domestication and all contractual rights possessed by a foundation before its domestication shall remain vested in the foundation without reversion or impairment.

4. (d) Domestication shall not affect:

   1. (1) Any obligations or liabilities that a foundation incurred before its domestication;
   2. (2) The personal liability of any person for any of the obligations or liabilities described in subsection (b)(1); or
   3. (3) The laws applicable to a foundation before the filing of its certificate of formation.

Source. 2017, 257:47, eff. Oct. 1, 2017.