Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If a * debt interest is an * interest that will or may convert into an * equity interest, the conversion is taken, for the purposes of this Division to give rise to a new interest (and is not treated merely as a continuation of the debt interest).
(2) If an * equity interest is an * interest that will or may convert into a * debt interest, the conversion is taken, for the purposes of this Division to give rise to a new interest (and is not treated merely as a continuation of the equity interest).