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Tennessee Code Title 61. Partnerships § 61-2-702

Current as of January 02, 2024 | Updated by FindLaw Staff

(a) Unless otherwise provided in the partnership agreement:

(1) A partnership interest is assignable in whole or in part;

(2) An assignment of a partnership interest does not dissolve a limited partnership or entitle the assignee to become or to exercise any rights or powers of a partner;

(3) An assignment entitles the assignee to receive, to the extent assigned, only the distribution to which the assignor would be entitled; and

(4) A partner ceases to be a partner and to have the power to exercise any rights or powers of a partner upon assignment of all of his partnership interest.

(b) 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 or transfer of any partnership interest represented by such a certificate and make other provisions with respect to such certificates.

(c) Unless otherwise provided in a partnership agreement and except to the extent assumed by agreement, until an assignee of a partnership interest becomes a partner, the assignee shall have no liability as a partner solely as a result of the assignment.

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Cite this article: FindLaw.com - Tennessee Code Title 61. Partnerships § 61-2-702 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-61-partnerships/tn-code-sect-61-2-702/

Read this complete Tennessee Code Title 61. Partnerships § 61-2-702 on Westlaw. Westlaw subscription required.

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