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2019 Indiana Code
Title 23. Business and Other Associations
Article 16. Limited Partnerships
Chapter 8. Assignment of Partnership Interests
23-16-8-5. Power of estate of deceased or incompetent partner
Universal Citation: IN Code § 23-16-8-5 (2019)
IC 23-16-8-5 Power of estate of deceased or incompetent partner
Sec. 5. (a) If a partner who is an individual dies or a court adjudges the partner to be mentally incompetent, the partner's personal representative, guardian, conservator, or other legal representative may exercise all of the partner's rights for the purpose of settling the partner's estate or administering the partner's property, including any power the partner had to give an assignee the right to become a limited partner.
(b) If a partner is a corporation, trust, or other entity and is dissolved or terminated, the powers of that partner may be exercised by the partner's legal representative or successor.
As added by P.L.147-1988, SEC.1. Amended by P.L.33-1989, SEC.22.
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