Effect of reinstatement

7-90-1005. Effect of reinstatement. (1) Subject to subsection (2) of this section, upon reinstatement, the existence of the entity shall be deemed for all purposes to have continued without interruption; the entity resumes carrying on its business or conducting its activities as if dissolution had never occurred; any debt, obligation, or liability incurred by the entity or an owner or manager of the entity before or after the dissolution shall be determined as if dissolution had never occurred; and, if the entity was, at the time of its dissolution, a limited liability limited partnership, it continues, upon reinstatement, to be a limited liability limited partnership. (2) The rights of owners and other persons arising by reason of reliance on the dissolution before those persons had notice of the reinstatement shall not be adversely affected by the reinstatement. Source: L. 2003: Entire part added, p. 2313, � 217, effective July 1, 2004. L. 2004: (1) amended, p. 1495, � 245, effective July 1. CORPORATIONS - Continued Colorado Business Corporations Cross references: For the Uniform Records Retention Act, see article 17 of title 6. Law reviews: For article, Commercial and Corporate Law, which discusses Tenth Circuit decisions dealing with corporate law, see 64 Den. U. L. Rev. 165 (1987); for article, Recent Judicial Developments in Delaware Takeover Law, see 19 Colo. Law. 47 (1990); for article, Choice of Entities in Colorado, see 23 Colo. Law. 293 (1994); for article, Choice of Entity in Colorado: An Update, see 25 Colo. Law. 3 (Oct. 1996); for article, Colorado Choice of Entity 1998, see 27 Colo. Law. 5 (June 1998); for article, Colorado Choice of Form of Organization and Structure 2001, see 30 Colo. Law. 11 (Oct. 2001); for article, Entity and Trade Name Registration: 2001 Update, see 30 Colo. Law. 81 (Oct. 2001); for article, No Paper Required: Business Entity Legislation Makes Life Easier for Business Lawyers, see 33 Colo. Law. 6 (June 2004); for article, Buying, Selling, and Combining Businesses Under the Colorado Business Corporation Act, see 33 Colo. Law. 73 (Nov. 2004); for article, Dissenters' Rights: The Colorado Supreme Court Finally Speaks, see 34 Colo. Law. 53 (April 2005); for article, Piercing the Veil of an LLC or a Corporation, see 39 Colo. Law. 71 (Aug. 2010); for article, The Long and Winding Road to Public Benefit Corporations in Colorado, see 43 Colo. Law. 39 (Jan. 2014); for article, 2021 Amendments to Statutes Governing Colorado Entities: Expanding the Ability to Conduct Business Activities Electronically, see 50 Colo. Law. 24 (Aug.-Sept. 2021). ARTICLE 101 General Provisions - Business Corporations Editor's note: Provisions relating to corporations were contained in articles 1 to 10 of this title prior to July 1, 1994. A comparative table showing the relocation of subject matter from articles 1 through 10 to articles 101 through 117 as a result of the recodification of the Colorado Corporation Code in 1993, effective July 1, 1994, is found in the comparative tables located in the back of the index. Cross references: For definitions applicable to this article, see �� 7-90-102 and 7-101-401. PART 1 SHORT TITLE AND RESERVATION OF POWER