1. A. A limited partnership 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:

   1. 1. All property owned by the converting limited partnership remains vested in the resulting partnership;
   2. 2. All obligations of the converting limited partnership continue as obligations of the resulting partnership; and
   3. 3. An action or proceeding pending against the converting limited partnership may be continued as if the conversion had not occurred.

1996, c. 292; 2007, c. 631.