                                 CODE OF VIRGINIA

COURT PROCEEDINGS (§ 50-73.52:3)

A. A dissolved limited partnership that has published a notice under &#xA7;
50-73.52:2 may file an application with the circuit court of the city or county
where the dissolved limited partnership&#8217;s principal office, or, if none in
the Commonwealth, its registered office, is or was last located for a
determination of the amount and form of security to be provided for payment of
claims that are contingent or have not been made known to the dissolved limited
partnership or that are based on an event occurring after the effective date of
dissolution but that, based on the facts known to the dissolved limited
partnership, are reasonably estimated to arise after the effective date of
dissolution. Provision need not be made for any claim that is or is reasonably
anticipated to be barred under subsection C of &#xA7; 50-73.52:2.

B. Within 10 days after the filing of the application, notice of the proceeding
shall be given by the dissolved limited partnership to each claimant holding a
contingent claim whose contingent claim is shown on the records of the dissolved
limited partnership.

C. The court may appoint a guardian ad litem to represent all claimants whose
identities are unknown in any proceeding brought under this section. The
reasonable fees and expenses of such guardian, including all reasonable expert
witness fees, shall be paid by the dissolved limited partnership.

D. Provision by the dissolved limited partnership for security in the amount and
the form ordered by the court under subsection A shall satisfy the dissolved
limited partnership&#8217;s obligations with respect to claims that do not meet
the definition of a claim in subsection D of &#xA7; 50-73.52:1, and such claims
may not be enforced against a partner who received assets in liquidation.

HISTORY: 2006, c. 912.