LD 1609
pg. 92
Page 91 of 146 PUBLIC Law Chapter 543 Page 93 of 146
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LR 1469
Item 1

 
than a transfer for security purposes, or a court order
charging the person's interest, that has not been
foreclosed;

 
(3)__The person is a corporation and, within 90 days
after the limited partnership notifies the person that
it will be expelled as a limited partner because it has
filed a certificate of dissolution or the equivalent,
its charter has been revoked, or its right to conduct
business has been suspended by the jurisdiction of its
incorporation, there is no revocation of the
certificate of dissolution or no reinstatement of its
charter or its right to conduct business; or

 
(4)__The person is a limited liability company or
partnership that has been dissolved and whose business
is being wound up;

 
E.__On application by the limited partnership, the person's
expulsion as a limited partner by judicial determination
because:

 
(1)__The person engaged in wrongful conduct that
adversely and materially affected the limited
partnership's activities;

 
(2)__The person willfully or persistently committed a
material breach of the partnership agreement or of the
obligation of good faith and fair dealing under section
1345, subsection 2; or

 
(3)__The person engaged in conduct relating to the
limited partnership's activities that makes it not
reasonably practicable to carry on the activities with
the person as limited partner;

 
F.__In the case of a person who is an individual, the
person's death;

 
G.__In the case of a person that is a trust or is acting as
a limited partner by virtue of being a trustee of a trust,
distribution of the trust's entire transferable interest in
the limited partnership, but not merely by reason of the
substitution of a successor trustee;

 
H.__In the case of a person that is an estate or is acting as a
limited partner by virtue of being a personal representative of
an estate, distribution of the estate's entire transferable
interest in the limited partnership, but


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