Current through Register Vol. 49, No. 8, August 19, 2024
Section 302A.691 - EFFECT OF CONVERSIONSubdivision 1.Same entity.An organization that has been converted pursuant to sections 302A.682 to 302A.692 is for all purposes the same entity that existed before the conversion.
Subd. 2.Effect on converting organization.When a conversion takes effect:
(1) all property owned by the converting organization remains vested in the converted organization and no assignment by operation of law or otherwise of its assets, properties, or contracts shall be deemed to have occurred;(2) all debts, obligations, or other liabilities of the converting organization continue as debts, obligations, or other liabilities of the converted organization;(3) an action or proceeding pending by or against the converting organization may be continued as if the conversion had not occurred or as actions or proceedings by or against the converted organization;(4) except as prohibited by law other than this chapter, all of the rights, privileges, immunities, powers, and purposes of the converting organization remain vested in the converted organization; and(5) the conversion does not dissolve a converting corporation for the purposes of sections 302A.701 to 302A.791.Subd. 3.Foreign organization.A converted organization that is a foreign organization consents to the jurisdiction of the courts of this state to enforce any debt, obligation, or other liability for which the converting corporation is liable if, before the conversion, the converting corporation was subject to suit in this state on the debt, obligation, or other liability. A converted organization that is a foreign organization and not authorized to transact business in this state appoints the secretary of state as its agent for service of process for purposes of enforcing a debt, obligation, or other liability under this subdivision.
2004 c 199 art 14 s 28; 2014 c 157 art 2 s 16, 31; 2014 c 170 s 25, 26; 2015 c 39 s 12
Amended by 2015 Minn. Laws, ch. 39,s 12, eff. 8/1/2015.Amended by 2014 Minn. Laws, ch. 170,s 26, eff. 8/1/2014.Amended by 2014 Minn. Laws, ch. 157,s 2-16, eff. 8/1/2015.