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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
|||| 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
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