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the Utah Code
2014 Utah Code
Title 48 - Partnership
Chapter 2a - Utah Revised Uniform Limited Partnership Act
Section 704 - Right of assignee to become limited partner.
Universal Citation:
48-2a-704. Right of assignee to become limited partner.
UT Code ยง 48-2a-704 (2014)
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This media-neutral citation is based
on the American Association of Law Libraries Universal Citation Guide and is not
necessarily the official citation.
| (1) | An assignee of a partnership interest, including an assignee of a general partner, may become a limited partner if and to the extent that:
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| (2) | An assignee who has become a limited partner has, to the extent assigned, the rights and powers, and is subject to the restrictions and liabilities, of a limited partner under the partnership agreement and this chapter. An assignee who becomes a limited partner also is liable for the obligations of his assignor to make and return contributions as provided in Articles V and VI of this chapter. However, the assignee is not obligated for any other liabilities unknown to the assignee at the time he became a limited partner. |
| (3) | If an assignee of a partnership interest becomes a limited partner, the assignor is not released from his liability to the limited partnership under Sections 48-2a-207, 48-2a-502, and 48-2a-608. |
Amended by Chapter 189, 1991 General Session
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