Section 10-701 – Nature of Partnership Interest

    A partnership interest is personal property.

Section 10-702 – Assignment of Partnership Interest

    Unless otherwise 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 a partner or, unless otherwise provided in the partnership agreement, exercise any rights of a partner. Unless otherwise provided in […]

Section 10-703 – Right of Assignee to Become Limited Partner

    (a)    An assignee of a partnership interest, including an assignee of a general partner, may become a limited partner if and to the extent that:         (1)    The assignor gives the assignee that right in accordance with authority described in the partnership agreement; or         (2)    All other partners consent.     (b)    An assignee who has become a limited partner has, to […]

Section 10-704 – Death, Incompetency, Insolvency, or Termination of a General Partner

    (a)    Unless otherwise provided in the partnership agreement:         (1)    If a general partner who is an individual dies or a court of competent jurisdiction adjudges the individual to be incompetent to manage his person or his property, the partner’s executor, personal representative, administrator, guardian, conservator, or other legal representative shall automatically become a limited partner;         (2)    If a […]

Section 10-705 – Rights of Creditor

    On application to a court of competent jurisdiction by any judgment creditor of a partner, the court may charge the partnership interest of the partner with payment of the unsatisfied amount of the judgment with interest. To the extent so charged, the judgment creditor has only the rights of an assignee of the partnership interest. […]

Section 10-706 – Certificate of Partnership Interest

    The partnership agreement 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, pledge, or transfer of any partnership interest represented by the certificate and make other provisions with respect to the certificate.