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Code · New Jersey · Title 42 — Recreation and Sports · Chapter 2A

42:2A-47. Assignment of partnership interest; rights of assignee

136 words·~1 min read·/nj/title-42/chapter-2a/42-2a-47

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Assignment of partnership interest; rights of assignee. Except as 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, only the distribution to which the assignor would be entitled. Except as provided in the partnership agreement, a partner ceases to be a partner upon assignment of all his partnership interest.
Notwithstanding the foregoing, a general partner who assigns all of his general partnership interest shall cease to be a general partner only upon the filing of a certificate reflecting that fact in accordance with this chapter.
L. 1983, c. 489, s. 46; amended 1988,c.130,s.24.
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