1. (a) An organization that has been converted pursuant to this article is for all purposes the same entity that existed before the conversion.
2. (b) When a conversion takes effect:
3. (1) all property owned by the converting organization remains vested in the converted organization;
4. (2) all debts, liabilities and other obligations of the converting organization continue as obligations of the converted organization;
5. (3) an action or proceeding pending against the converting organization may be continued as if the conversion had not occurred;
6. (4) except as prohibited by other law, all of the rights, privileges, immunities, powers, and purposes of the converting organization remain vested in the converted organization;
7. (5) except as otherwise provided in the plan of conversion, the terms and conditions of the plan of conversion take effect; and
8. (6) except as otherwise agreed, the conversion does not dissolve a converting partnership for the purposes of Article 8.

Added by Laws 1997, SB 483, c. 399, § 50, eff. November 1, 1997; Amended by Laws 2004, SB 1511, c. 255, § 59, eff. November 1, 2004 (superseded document available).