Incapacity of Unitholders Sample Clauses

Incapacity of Unitholders. If a Unitholder dies (or, in the case of an entity, dissolves or terminates), the Unitholder's executor, administrator or trustee or, if the Unitholder is adjudicated incompetent or insane, the Unitholder's guardian or conservator, or if the Unitholder becomes bankrupt, the trustee or receiver of the Unitholder's estate, shall have all the rights and obligations of a Unitholder for the purpose of settling or managing the Unitholder's estate and such power as the Unitholder possessed to assign the Unitholder's Units. The death, dissolution, termination, incompetency, insolvency or bankruptcy of a Unitholder shall not dissolve the Partnership.
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Incapacity of Unitholders. If a Unitholder dies, his executor, administrator or trustee or, if he is adjudicated incompetent, his committee, guardian or conservator or, if he becomes bankrupt, the trustee or receiver of his estate, shall have all the rights of a Unitholder for the purpose of settling or managing his estate and such power as the incapacitated Unitholder possessed to assign the Units held by him and to join with an assignee in satisfying conditions precedent to the assignee becoming a substituted Unitholder. The incapacity of a Unitholder by death, incompetency or bankruptcy shall not dissolve the Partnership.
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Related to Incapacity of Unitholders

  • Disability of Member Upon the disability of a Member, the Member may continue to act as Manager hereunder or appoint a person to so serve until the Member's Interests and Capital Account of the Member have been transferred or distributed.

  • Limited Liability of Members No Member shall be liable for any debts or obligations of the Company beyond the amount of the Capital Contributions made by such Member.

  • Capacity of Parties The signature(s) of the Obligor(s) on the Contract are genuine and all parties to the Contract had full legal capacity to execute the Contract.

  • Liability of Members The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.

  • Limited Partner The name and address of the New Limited Partner of the Partnership is ▇▇▇▇ ▇. ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇. The names and addresses of any other Limited Partners shall be set forth on Exhibit B, as amended from time to time, attached hereto and incorporated herein by this reference. The Partnership Interest of a Limited Partner shall be referred to herein as a “Limited Partnership Interest.”