LD 1609
pg. 2
Page 1 of 146 PUBLIC Law Chapter 543 Page 3 of 146
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LR 1469
Item 1

 
2.__Debtor in bankruptcy.__"Debtor in bankruptcy" means a person
who is the subject of:

 
A.__An order for relief under 11 United States Code or a
comparable order under a successor statute of general
application; or

 
B.__A comparable order under federal, state or foreign law
governing insolvency.

 
3.__Distribution.__"Distribution" means a transfer of money or
other property from a partnership to a partner in the partner's
capacity as a partner or to the partner's transferee.

 
4.__Foreign limited liability partnership.__"Foreign limited
liability partnership" means a partnership that:

 
A.__Is formed under laws other than the laws of this State;
and

 
B.__Has the status of a limited liability partnership under
those laws.

 
5.__Limited liability partnership.__"Limited liability
partnership" means a partnership that has registered as a limited
liability partnership pursuant to section 821 and does not have a
similar statement in effect in any other jurisdiction.

 
6.__Partnership.__"Partnership" means an association of 2 or
more persons to carry on as co-owners a business for profit
formed under section 1022, predecessor law or comparable law of
another jurisdiction.

 
7.__Partnership agreement.__"Partnership agreement" means the
agreement, whether written, oral or implied, among the partners
concerning the partnership, including amendments to the
partnership agreement.

 
8.__Partnership at will.__"Partnership at will" means a
partnership in which the partners have not agreed to remain
partners until the expiration of a definite term or the
completion of a particular undertaking.

 
9.__Partnership interest; partner's interest in partnership.__
"Partnership interest" or "partner's interest in the partnership"
means all of a partner's interests in the partnership, including
the partner's transferable interest and all management and other
rights.


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