Md. Code, Corporations and Associations § 10-704
This is the official text of Md. Code, Corporations and Associations § 10-704, part of Maryland’s Code, Corporations and Associations — governs the formation and operation of corporations, LLCs, and partnerships.
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§10–704.
Official statutory text
(a) Unless otherwise provided in the partnership agreement:
(1) If a general partner who is an individual dies or a court of competent jurisdiction adjudges the individual to be incompetent to manage his person or his property, the partner’s executor, personal representative, administrator, guardian, conservator, or other legal representative shall automatically become a limited partner;
(2) If a general partner is a corporation, estate, trust, partnership, or other entity and is dissolved or terminated, its legal representative or successor shall automatically become a limited partner;
(3) If a general partner withdraws under § 10–402(3) of this title or permits an act specified in § 10–402(4) of this title, that partner shall automatically become a limited partner.
(b) The allocable share of the profits, losses, and distributions of a general partner who becomes a limited partner under this section is the same as it was prior to the event specified in subsection (a) of this section.
(1) If a general partner who is an individual dies or a court of competent jurisdiction adjudges the individual to be incompetent to manage his person or his property, the partner’s executor, personal representative, administrator, guardian, conservator, or other legal representative shall automatically become a limited partner;
(2) If a general partner is a corporation, estate, trust, partnership, or other entity and is dissolved or terminated, its legal representative or successor shall automatically become a limited partner;
(3) If a general partner withdraws under § 10–402(3) of this title or permits an act specified in § 10–402(4) of this title, that partner shall automatically become a limited partner.
(b) The allocable share of the profits, losses, and distributions of a general partner who becomes a limited partner under this section is the same as it was prior to the event specified in subsection (a) of this section.
Status: in_force · Read it on the official government site
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