| PREVIOUS SECTION | Go back to sections | Go back to the chapter | Go back to the N.J. Statutes homepage | NEXT SECTION |
New Jersey Statutes, Title: 42, PARTNERSHIPS AND PARTNERSHIP ASSOCIATIONS
Chapter 2c: Revised Uniform Limited Liability Company Act
Section: 42:2c-87: Article not exclusive.
87. Article Not Exclusive.
a. This Article 10 (sections 73 through 87 of this act) does not preclude an entity from being merged, converted, or domesticated under law other than this act.
b. Without limiting the foregoing, it is intended that a limited liability company, whenever formed, that acquires the assets, liabilities and business of a predecessor organization with common ownership, shall be presumed to have the rights, privileges and perquisites of the predecessor organization. Furthermore, in computing time periods and continuity of ownership for determining eligibility for government grants, property rights, or other entitlements, there shall be a tacking of time periods with respect to the limited liability company and the predecessor organization.
c. Nothing in this section 87 is intended to require the assignment of a contract in violation of its express terms.
L.2012, c.50, s.87.
This section added to the Rutgers Database: 2012-10-16 15:26:39.
Older versions of 42:2c-87 (if available):
Court decisions that cite this statute:
CLICK HERE.