§ 7-12.1-501. Partner not co-owner of partnership property. [Effective January 1, 2023.] A partner is not a co-owner of partnership property and has no interest in partnership property which can be transferred, either voluntarily or involuntarily. History of Section.P.L. 2022, ch. 123, § 2, effective January 1, 2023; P.L. 2022, ch. 124, § 2, effective […]
§ 7-12.1-502. Nature of transferable interest. [Effective January 1, 2023.] A transferable interest is personal property. History of Section.P.L. 2022, ch. 123, § 2, effective January 1, 2023; P.L. 2022, ch. 124, § 2, effective January 1, 2023.
§ 7-12.1-503. Transfer of transferable interest. [Effective January 1, 2023.] (a) A transfer, in whole or in part, of a transferable interest: (1) Is permissible; (2) Does not by itself cause a person’s dissociation as a partner or a dissolution and winding up of the partnership business; and (3) Subject to § 7-12.1-505, does not […]
§ 7-12.1-504. Charging order. [Effective January 1, 2023.] (a) On application by a judgment creditor of a partner or transferee, a court may enter a charging order against the transferable interest of the judgment debtor for the unsatisfied amount of the judgment. A charging order constitutes a lien on a judgment debtor’s transferable interest and […]
§ 7-12.1-505. Power of legal representative of deceased partner. [Effective January 1, 2023.] If a partner dies, the deceased partner’s legal representative may exercise: (1) The rights of a transferee provided in § 7-12.1-503(c); and (2) For purposes of settling the estate, the rights the deceased partner had under § 7-12.1-408. History of Section.P.L. 2022, […]
