§ 9A-503. Transfer of partner's transferable interest
West's Annotated Code of MarylandCorporations and AssociationsEffective: October 1, 2022
Effective: October 1, 2022
MD Code, Corporations and Associations, § 9A-503
§ 9A-503. Transfer of partner's transferable interest
(a) A transfer, in whole or in part, of a partner's transferable interest in the partnership:
(3) Does not, as against the other partners or the partnership, entitle the transferee, during the continuance of the partnership, to participate in the management or conduct of the partnership business, to require access to information concerning partnership transactions, or to inspect or copy the partnership books or records.
(b) A transferee of a partner's transferable interest in the partnership has a right:
(c) In a dissolution and winding up, a transferee is entitled to an account of partnership transactions only from the date of the latest account agreed to by all of the partners.
(d) Upon transfer, the transferor retains the rights and duties of a partner other than the interest in distributions transferred.
(e) A partnership need not give effect to a transferee's rights under this section until it has notice of the transfer.
(f) 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.
(g) A partnership agreement may provide that a partner's transferable interest in the partnership may or shall be transferred or assigned in whole or in part to one or more persons, including on the occurrence of any of the events described in § 9A-601 of this title, regardless of whether the persons to whom the interest is transferred or assigned are partners.
Credits
Added as Corporations and Associations § 9-503 by Acts 1997, c. 654, § 2, eff. July 1, 1998. Renumbered as Corporations and Associations § 9A-503 by Acts 1998, c. 743, § 1, eff. June 1, 1998. Amended by Acts 2022, c. 294, § 1, eff. Oct. 1, 2022; Acts 2022, c. 295, § 1, eff. Oct. 1, 2022.
MD Code, Corporations and Associations, § 9A-503, MD CORP & ASSNS § 9A-503
Current through legislation effective through April 25, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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