14-9-702. Assignment of partnership interest.

Unless otherwise provided in the partnership agreement:#

1. (1)

   A partnership interest is assignable in whole or in part;#

2. (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. (3)

   An assignment entitles the assignee to receive, to the extent assigned, the assignor’s partnership interest;#

4. (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. (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. (6)

   The assignor of a partnership interest is not released from his liability as a partner solely as a result of the assignment.#

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.#