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2020 Georgia Code
Title 14 - Corporations, Partnerships, and Associations
Chapter 9 - Revised Uniform Limited Partnership Act
Article 7 - Partnership Interests
§ 14-9-702. Assignment of Partnership Interest
Universal Citation: GA Code § 14-9-702 (2020)
- 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 or to exercise any rights of a partner;
- An assignment entitles the assignee to receive, to the extent assigned, the assignor's partnership interest;
- 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;
- 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
- 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.
(Code 1981, §14-9-702, enacted by Ga. L. 1988, p. 1016, § 1.)
Am. Jur. 2d.
- 59A Am. Jur. 2d, Partnership, § 808 et seq.C.J.S.
- 68 C.J.S., Partnership, §§ 582, 589.
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