2001 Legislation
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SENATE BILL NO. 1052 – Limited partnership/assignee/assets

SENATE BILL NO. 1052

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Daily Data Tracking History



S1052................................................by JUDICIARY AND RULES
LIMITED PARTNERSHIPS - Amends existing law to provide for treatment of
assignees of the assets of limited partnerships.
                                                                        
02/01    Senate intro - 1st rdg - to printing
02/02    Rpt prt - to Com/HuRes
02/12    Rpt out - rec d/p - to 2nd rdg
02/13    2nd rdg - to 3rd rdg
02/20    3rd rdg - PASSED - 31-0-4
      AYES -- Boatright, Branch(Bartlett), Brandt, Bunderson, Burtenshaw,
      Darrington, Davis, Deide, Dunklin, Frasure, Geddes, Goedde, Hawkins,
      Ingram, Ipsen, Keough, King-Barrutia, Lee, Lodge, Richardson, Risch,
      Sandy, Schroeder, Sims, Sorensen, Stegner, Stennett, Thorne, Wheeler,
      Whitworth, Williams,
      NAYS -- None
      Absent and excused -- Andreason, Cameron, Danielson, Noh
    Floor Sponsor -- Davis
    Title apvd - to House
02/21    House intro - 1st rdg - to Bus
03/08    Rpt out - rec d/p - to 2nd rdg
03/09    2nd rdg - to 3rd rdg
03/12    3rd rdg - PASSED - 66-0-4
      AYES -- Barraclough, Barrett, Bedke, Bell, Bieter, Black, Boe, Bolz,
      Bruneel, Callister, Campbell, Chase, Clark, Collins, Cuddy, Deal,
      Denney, Ellis, Ellsworth, Eskridge, Field(13), Field(20), Gagner,
      Gould, Hadley, Hammond, Harwood, Henbest, Higgins, Hornbeck, Jaquet,
      Jones, Kellogg, Kendell, Lake, Langford, Loertscher, Mader, McKague,
      Meyer, Montgomery, Mortensen, Moss, Moyle, Pearce, Pischner, Pomeroy,
      Raybould, Ridinger, Roberts, Robison, Sali, Schaefer, Sellman,
      Shepherd, Smith, Smylie, Stevenson, Stone, Swan, Tilman, Trail,
      Wheeler, Wood, Young, Mr. Speaker
      NAYS -- None
      Absent and excused -- Bradford, Crow, Kunz, Marley
    Floor Sponsor -- Higgins
    Title apvd - to Senate
03/13    To enrol
03/14    Rpt enrol - Pres signed
03/15    Sp signed
03/16    To Governor
03/20    Governor signed
         Session Law Chapter 63
         Effective: 07/01/01

Bill Text


                                                                        
                                                                        
  ||||              LEGISLATURE OF THE STATE OF IDAHO             ||||
 Fifty-sixth Legislature                  First Regular Session - 2001
                                                                        
                                                                        
                                       IN THE SENATE
                                                                        
                                    SENATE BILL NO. 1052
                                                                        
                              BY JUDICIARY AND RULES COMMITTEE
                                                                        
  1                                        AN ACT
  2    RELATING TO LIMITED PARTNERSHIPS; AMENDING SECTION 53-247, IDAHO CODE, TO PRO-
  3        VIDE THAT WHEN ALL THE PARTNERS OR  THEIR  REPRESENTATIVES  IN  A  LIMITED
  4        PARTNERSHIP  ASSIGN  THEIR  RIGHTS  IN PARTNERSHIP PROPERTY TO ONE OR MORE
  5        THIRD PERSONS WHO PROMISE TO PAY THE DEBTS AND WHO CONTINUE  THE  BUSINESS
  6        OF  THE  DISSOLVED PARTNERSHIP, CREDITORS OF THE DISSOLVED PARTNERSHIP ARE
  7        ALSO CREDITORS OF THE PERSON OR PARTNERSHIP CONTINUING THE BUSINESS AND IN
  8        SUCH A CASE THE ASSETS SHALL BE DISTRIBUTED TO THE ASSIGNEES.
                                                                        
  9    Be It Enacted by the Legislature of the State of Idaho:
                                                                        
 10        SECTION 1.  That Section 53-247, Idaho Code, be, and the  same  is  hereby
 11    amended to read as follows:
                                                                        
 12        53-247.  DISTRIBUTION OF ASSETS. Upon the winding up of a limited partner-
 13    ship, the assets shall be distributed as follows:
 14        (1)  To creditors other than partners; provided however, that when all the
 15    partners  or their representatives assign their rights in partnership property
 16    to one (1) or more third persons who promise to pay the debts and who continue
 17    the business of the dissolved partnership, creditors of the dissolved partner-
 18    ship are also creditors of the person or partnership continuing  the  business
 19    and in such a case the assets shall be distributed to the assignees;
 20        (2)  To limited partners who are creditors, in satisfaction of liabilities
 21    of  the  limited partnership other than liabilities for distributions to part-
 22    ners under section 53-231 or 53-234, Idaho Code;
 23        (3)  To general partners who are creditors, in satisfaction of liabilities
 24    of the limited partnership other than liabilities for distributions  to  part-
 25    ners under section 53-231 or 53-234, Idaho Code;
 26        (4)  Except  as  provided  in  the  partnership agreement, to partners and
 27    former partners in satisfaction of liabilities for distributions under section
 28    53-231 or 53-234, Idaho Code;
 29        (5)  Except as provided in the partnership agreement, to limited  partners
 30    for the return of their contributions;
 31        (6)  Except  as provided in the partnership agreement, to general partners
 32    for the return of their contributions;
 33        (7)  Except as provided in the partnership agreement, to limited  partners
 34    respecting  their  partnership interests, in the proportions in which the lim-
 35    ited partners share in distributions; and
 36        (8)  Except as provided in the partnership agreement, to general  partners
 37    respecting  their  partnership interests, in the proportions in which the gen-
 38    eral partners share in distributions.

Statement of Purpose / Fiscal Impact


                     STATEMENT OF PURPOSE

                             RS 10591

Provides liquidation alternatives for winding up a limited
partnership. *




                          FISCAL IMPACT



No fiscal impact is anticipated.*





















Contact
       Name:    Bart M. Davis
       Phone:   (208) 332 1339





STATEMENT OF PURPOSE/FISCAL NOTE                         S 105