3056

LAWS OF MARYLAND

Ch. 801

(3)  SUBTITLE 9, DEALING WITH REGISTRATION OF
FOREIGN LIMITED PARTNERSHIPS, IS NOT EFFECTIVE UNTIL THE
EXTENDED EFFECTIVE DATE;

(4)  ANY LIMITED PARTNERSHIP FORMED UNDER THE
MARYLAND UNIFORM LIMITED PARTNERSHIP ACT AND ANY FOREIGN
LIMITED PARTNERSHIPS MAY ELECT TO BE GOVERNED BY THE
PROVISIONS OF THE MARYLAND REVISED UNIFORM LIMITED
PARTNERSHIP ACT BEFORE THE EXTENDED EFFECTIVE DATE BY FILING
WITH THE DEPARTMENT AN INITIAL CERTIFICATE OR CERTIFICATE OF
AMENDMENT WHICH SPECIFICALLY STATES THAT THE LIMITED
PARTNERSHIP IS ELECTING TO BE BOUND BY THE MARYLAND REVISED
UNIFORM LIMITED PARTNERSHIP ACT BEFORE JULY 1, 1985.

COMMENT

This section was included in order to allow a
reasonable amount of time for existing and foreign limited
partnerships to comply with the revised title.

Article - Courts and Judicial Proceedings

5-204.

A foreign corporation OR FOREIGN LIMITED PARTNERSHIP
required by law to qualify or register to do business in the
state or a person claiming under the FOREIGN corporation OR
FOREIGN LIMITED PARTNERSHIP, may not benefit from any
statute of limitations in an action at law or suit in
equity:

(1)  Arising out of a contract made or liability
incurred by the FOREIGN corporation OR FOREIGN LIMITED
PARTNERSHIP while doing business without having qualified or
registered; or

(2)  Instituted while the FOREIGN corporation OR
FOREIGN LIMITED PARTNERSHIP is doing intrastate or
interstate or foreign business in the state without having
qualified or registered.

SECTION 3. AND BE IT FURTHER ENACTED, That the
Comments contained in this Act are not law and may not be
considered to have been enacted as part of this Act.

SECTION 4. AND BE IT FURTHER ENACTED, That limited
partnerships organized under the laws of Maryland before the
effective date of this Act and existing on that date shall
have the exclusive right to reserve their names under
Section 10-103 of the Corporations and Associations Article
as enacted hereby during the period beginning July 1, 1982
and ending July 31, 1982 in preference to and to the
exclusion of all other limited partnerships.