(1) A partnership or limited partnership that has been converted pursuant to 35-10-635 or 35-10-636 is for all purposes the same entity that existed before the conversion.
(2) When a conversion takes effect:
(a) all property owned by the converting partnership or limited partnership remains vested in the converted entity;
(b) all obligations of the converting partnership or limited partnership continue as obligations of the converted entity; and
(c) an action or proceeding pending against the converting partnership or limited partnership may be continued as if the conversion had not occurred.