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The Florida Senate

2004 Florida Statutes

Winding up affairs of limited partnership.
Section 620.159, Florida Statutes 2004

620.159  Winding up affairs of limited partnership.--

(1)  Unless otherwise provided in the partnership agreement, the general partners who have not wrongfully dissolved a limited partnership, or, if none, the limited partners, may wind up the limited partnership's affairs; but the circuit court, upon cause shown, may wind up the limited partnership's affairs upon application of any partner or her or his legal representative or assignee, and in connection therewith may appoint a liquidating trustee.

(2)  Upon dissolution of a limited partnership and until the filing of a certificate of cancellation, persons winding up the limited partnership's affairs may, in the name of, and for and on behalf of, the limited partnership, prosecute and defend suits, whether civil, criminal, or administrative, gradually settle and close the limited partnership's business, dispose of and convey the limited partnership's property, discharge the limited partnership's liabilities, and distribute to the partners any remaining assets of the limited partnership, all without affecting the liability of limited partners.

History.--s. 49, ch. 86-263; s. 135, ch. 97-102.