Corporations, Associations, and Partnerships

Limited Partnerships

SECTION 7-13-43

§ 7-13-43. Power of estate of deceased or incompetent person.

If a partner who is an individual dies or a court of competent jurisdiction adjudges him or her to be incompetent to manage his or her person or his or her property, the partner's executor, administrator, guardian, conservator, or other legal representative may exercise all the partner's rights for the purpose of settling his or her estate or administering his or her property, including any power the partner had to give an assignee the right to become a limited partner. If a partner is a corporation, trust, or other entity and is dissolved or terminated, the powers of that partner may be exercised by its legal representative or successor.

History of Section.
(P.L. 1985, ch. 390, § 2.)