17-2037.   Same; surrender of authority; resolution;withdrawal fee; annual reports and fees; closing out business; effect ofwithdrawal.Any business trust, domestic or foreign, which has obtained authority underthis act to transact business in Kansas may surrender its authority at any timeby filing in the office of the secretary of state a certified copy of aresolution duly adopted by its trustees declaring its intention to withdraw,accompanied by a withdrawal fee of $20; and filing all annual reports andpaying all annual report fees required by K.S.A.17-2036and amendments thereto, and not previously filed and paid. During a period offive years following the effective date of such withdrawal the business trustshall nevertheless be entitled to convey and dispose of its property and assetsin this state, settle and close out its business in this state, and perform anyother act or acts pertinent to the liquidation of its business, property, andassets in this state, and to prosecute and defend all suits filed prior to theexpiration of such five-year period involving causes of action arising prior tothe effective date of such withdrawal or arising out of any act or transactionoccurring during such five-year period in the course of the liquidation of itsbusiness, property or assets.

      The withdrawal of a business trust as provided in this section shall have noeffect upon any suit filed by or against it prior to the expiration of suchfive-year period until such suit has been finally determined or otherwisefinally concluded and all judgments, orders and decrees entered therein havebeen fully executed, even though such final determination, conclusion, orexecution occurs after the expiration of such five-year period. With respect toa foreign business trust, withdrawal pursuant to this section shall not affectits written consent to be sued in the courts of this state, or thejurisdiction over such foreign business trust of the courts of this state,with respect to any cause of action which arose prior to the effective dateof its withdrawal.

      History:   L. 1961, ch. 127, § 11;L. 1973, ch. 91, § 5;L. 1998, ch. 189, § 5;L. 2005, ch. 157, § 4; Jan. 1, 2006.