Title 14, Chapter 9, Section 702
( 14-9-702)
(a) Unless otherwise provided in the partnership agreement: (1) A partnership interest is assignable in whole or in part; (2) An assignment of a partnership interest does not dissolve a
limited partnership or entitle the assignee to become or to
exercise any rights of a partner; (3) An assignment entitles the assignee to receive, to the extent
assigned, the assignor's partnership interest; (4) Until the assignee of a partnership interest becomes a
partner, the assignor partner continues to be a partner and to
have the power to exercise any rights or powers of a partner,
except to the extent those rights or powers are assigned; provided
that on the assignment by a general partner of all of the general
partner's rights as a general partner, the general partner's
status as a general partner may be terminated by the affirmative
vote of a majority in interest of the limited partners; (5) Until an assignee of a partnership interest becomes a partner,
the assignee has no liability as a partner solely as a result of
the assignment; and (6) The assignor of a partnership interest is not released from
his liability as a partner solely as a result of the assignment. (b) A written partnership agreement may provide that a partner's
partnership interest may be evidenced by a certificate of
partnership interest issued by the limited partnership and may also
provide for the assignment or transfer of a partnership interest
represented by such a certificate and make other provisions with
respect to those certificates. |