2016 Limited Partnership Statute - Does it apply

rsmiller

New Member
Jurisdiction
Mississippi
In the 2016 Mississippi Code - MS Code § 79-14-112 (2016) - It is discussed how the new provisions of the Limited Partnership Code should be applied to LPs formed before 2015. Does this language say the the new code does apply or does not apply to LPs formed before 2015. Does anyone know of any case law regarding this?

here is the link - 2016 Mississippi Code :: Title 79 - Corporations, Associations, and Partnerships :: Chapter 14 - Mississippi Uniform Limited Partnership Act :: Article 1 - General Provisions :: § 79-14-112. Application to existing relationships

Here is the language:

Universal Citation: MS Code § 79-14-112 (2016)
(a) Before January 1, 2017, this chapter governs only:

(1) A limited partnership formed on or after July 1, 2015; and

(2) Except as otherwise provided in subsections (c) and (d), a limited partnership formed before July 1, 2015, which elects, in the manner provided in its partnership agreement or by law for amending the partnership agreement, to be subject to this chapter.

(b) Except as otherwise provided in subsections (c) and (d), on and after January 1, 2017, this chapter governs all limited partnerships.

(c) With respect to a limited partnership formed before July 1, 2015, the following rules apply except as the partners otherwise elect in the manner provided in the partnership agreement or by law for amending the partnership agreement:

(1) Section 79-14-110(c) does not apply and the limited partnership has whatever duration it had under the law applicable immediately before July 1, 2015.

(2) The limited partnership is not required to amend its certificate of limited partnership to comply with Section 79-14-201(b)(5).

(3) Sections 79-14-601 and 79-14-602 do not apply and a limited partner has the same right and power to dissociate from the limited partnership, with the same consequences, as existed immediately before July 1, 2015.

(4) Section 79-14-603(4) does not apply.

(5) Section 79-14-603(5) does not apply and a court has the same power to expel a general partner as the court had immediately before July 1, 2015.

(6) Section 79-14-801(a)(3) does not apply and the connection between a person's dissociation as a general partner and the dissolution of the limited partnership is the same as existed immediately before July 1, 2015.

(d) With respect to a limited partnership that elects pursuant to subsection (a)(2) to be subject to this chapter, after the election takes effect the provisions of this chapter relating to the liability of the limited partnership's general partners to third parties apply:

(1) Before January 1, 2017, to:

(A) A third party that had not done business with the limited partnership in the year before the election took effect; and

(B) A third party that had done business with the limited partnership in the year before the election took effect only if the third party knows or has been notified of the election; and

(2) On and after January 1, 2017, to all third parties, but those provisions remain inapplicable to any obligation incurred while those provisions were inapplicable under paragraph (1)(B).
 
It says what it applies to:

(1) A limited partnership formed on or after July 1, 2015; and

(2) Except as otherwise provided in subsections (c) and (d), a limited partnership formed before July 1, 2015, which elects, in the manner provided in its partnership agreement or by law for amending the partnership agreement, to be subject to this chapter.
 
Does this language say the the new code does apply or does not apply to LPs formed before 2015.

For starters, you've linked to an outdated version of the statute. Here's a link to the current version of section 79-14-112.

That aside, the operative language remains the same. Prior to January 1, 2017, Chapter 14 of Title 79 governed (1) limited partnerships formed on or after July 1, 2015, and (2) earlier formed limited partnerships that elected to be governed by the chapter. On and after January 1, 2017, Chapter 14 governs all limited partnerships.
 
That is what i thought. In the middle of a lawsuit and their attorney claims that the language " On and after January 1, 2017, Chapter 14 governs all limited partnerships." means that all LPs are governed by the 2016 updated statute. even those formed prior to 2015. Didn't make sense to me. Taken in context, it seems clear that pre2015 LPs are not subject to new provisions in the statute
 
their attorney claims

Their attorney is your enemy.

Rely on your attorney.

If you don't have an attorney get one.

Because going up against an attorney without one of your own is like taking a rubber knife to a gunfight. You'll be the one on the ground bleeding.
 
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