(1) A transfer, in whole or in part, of a partner's transferable interest in the partnership:
Is permissible;
Does not by itself cause the partner's dissociation or a dissolution and winding up ofthe partnership business; and
Does not entitle the transferee to participate in the management or conduct of thepartnership business, to require access to information concerning partnership transactions, or to inspect or copy the partnership books or records.
(2) A transferee of a partner's transferable interest in the partnership has a right:
To receive, in accordance with the transfer, distributions to which the transferor would otherwise be entitled;
To receive upon the dissolution and winding up of the partnership business, in accordance with the transfer, the net amount otherwise distributable to the transferor; and
To seek under section 7-64-801 (1)(f) a judicial determination that it is equitable towind up the partnership business.
In a dissolution and winding up, a transferee is entitled to an account of partnershiptransactions only from the date of the latest account agreed to by all of the partners.
Upon transfer, the transferor retains the rights and duties of a partner other than theinterest transferred.
A partnership need not give effect to a transferee's rights under this section until ithas notice of the transfer. On request of the partnership or any partner, the transferee shall furnish reasonable proof of the transfer.
A transfer of a partner's transferable interest in the partnership in violation of a restriction on transfer contained in the partnership agreement is ineffective as to a person having notice of the restriction at the time of transfer.
Source: L. 97: Entire article added, p. 883, § 1, effective January 1, 1998.