8562 - Assignment of partnership interest.

     § 8562.  Assignment of partnership interest.        (a)  General rule.--Except as 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 share in such        profits and losses, to receive such distributions, and to        receive such allocations of income, gain, loss, deduction, or        credit or similar item to which the assignor was entitled, to        the extent assigned; and            (4)  a partner ceases to be a partner and to have the        power to exercise any rights or powers of a partner upon        assignment of all of his partnership interest.        (b)  Certificate of partnership interest.--The certificate of     limited partnership may provide that a partner's interest in a     limited partnership may be evidenced by a certificate of     partnership interest issued by the limited partnership and may     also provide for the assignment or transfer of any partnership     interest represented by such a certificate and make other     provisions with respect to such certificates.        (c)  Effect of assignment.--Except as otherwise provided in     the partnership agreement and except to the extent assumed by     agreement, until an assignee of a partnership interest becomes a     partner, the assignee shall not be liable as a partner solely as     a result of the assignment.     (Dec. 19, 1990, P.L.834, No.198, eff. four months; May 22, 1996,     P.L.248, No.44, eff. 180 days)        1996 Repeal Note.  Act 44 repealed the last sentence of     subsec. (b).        1990 Amendment.  Act 198 amended subsec. (b). Section     404(a)(6) of Act 198 provided that the amendments to subsec. (b)     shall not apply to any certificate of partnership interest     issued or issuable on the effective date of the amendments.        Cross References.  Section 8562 is referred to in section     8532 of this title.