(1) When a conversion takes effect, the converting entity is converted into the resulting entity, and the resulting entity is thereafter subject to all of the provisions of the organic statutes.
Unless otherwise agreed, the conversion of any converting entity into a resultingentity shall not be deemed to affect any obligations of the converting entity incurred prior to the conversion to the resulting entity or the personal liability of any person incurred prior to such conversion.
Unless otherwise agreed or otherwise provided by the organic statutes, other than thisarticle, the converting entity shall not be required to wind up the entity's affairs or pay obligations and distribute the entity's assets, and the conversion shall not be deemed to constitute a dissolution of the converting entity and shall constitute a continuation of the existence of the converting entity in the form of the resulting entity.
The resulting entity is the same entity as the converting entity.
Source: L. 2000: Entire part R&RE, p. 967, § 46, effective July 1. L. 2004: (1) and (3) amended, p. 1472, § 204, effective July 1. L. 2019: (1) amended, (SB 19-086), ch. 166, p. 1913, § 6, effective July 1, 2020.
Editor's note: This section is similar to former § 7-90-202 as it existed prior to 2000.