Uniform
Limited Partnership Act
(1916) Section 19: Assignment
of Limited Partner's
Interest, and Section
22: Rights of Creditors
of Limited Partner .
Uniform
Limited Partnership
Act (1916)
Section
19: Assignment of Limited
Partner's Interest
(1)
A limited partner's
interest is assignable.
(2)
A substituted limited
partner is a person
admitted to all the
rights of a
limited
partner who has died
or has assigned his
interest in a partnership.
(3)
An assignee, who does
not become a substituted
limited partner, has
no
right
to require any information
or account of the partnership
transactions or
to
inspect the partnership
books; he is only entitled
to receive the share
of the profits or other
compensation by way
of income, or the return
of his contribution,
to which his assignor
would otherwise be
entitled.
(4)
An assignee shall have
the right to become
a substituted limited
partner if all the
members (except the
assignor) consent thereto
or if the assignor,
being thereunto empowered
by the certificate,
gives the assignee
that right.
(5)
An assignee becomes
a substituted limited
partner when the certificate
is
appropriately
amended in accordance
with Section 25.
(6)
The substituted limited
partner has all the
rights and powers,
and is
subject
to all the restrictions
and liabilities of
his assignor, except
those
liabilities
of which he was ignorant
at the time he became
a limited partner and
which
could not be ascertained
from the certificate.
(7)
The substitution of
the assignee as a limited
partner does not release
the
assignor from liability
to the partnership
under Sections 6 and
17.
Uniform
Limited Partnership
Act (1916)
Section
22: Rights of Creditors
of Limited Partner
(1)
On due application
to a court of competent
jurisdiction by any
judgment creditor of
a limited partner,
the court may charge
the interest of the
indebted limited partner
with payment of the
unsatisfied amount
of the judgment debt;
and may appoint a receiver,
and make all other
orders, directions,
and inquiries which
the circumstances of
the case may require.
(2
)The interest may be
redeemed with the separate
property of any general
partner, but may not
be redeemed with partnership
property.
(3)
The remedies conferred
by paragraph (I) shall
not be deemed exclusive
of others which may
exist.
(4)
Nothing in this act
shall be held to deprive
a limited partner of
his
statutory
exemption.
*
The above material
was authored by the
National Conference
of Commissioners on
State Laws, and is
reprinted from Uniform
Laws Annotated, WESTLAW,
Copyright 1993 by West
Publishing Company.
