79-14-702 - Assignment of partnership interest.
§ 79-14-702. Assignment of partnership interest.
Except as provided in the partnership agreement, a partnership interest is assignable in whole or in part. 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. An assignment entitles the assignee, to the extent assigned, to share in such profits and losses, to receive such distribution or distributions, and to receive such allocation of income, gain, loss, deduction, credit or similar item to which the assignor would have been entitled. Except as provided in the partnership agreement, a partner ceases to be a partner upon assignment of all his partnership interest.
Sources: Laws, 1987, ch. 488, § 702, eff from and after January 1, 1988.