[§425E-702]  Transfer of partner'stransferable interest.  (a)  A transfer, in whole or in part, of apartner's transferable interest:

(1)  Is permissible;

(2)  Shall not by itself cause the partner'sdissociation or a dissolution and winding up of the limited partnership'sactivities; and

(3)  Shall not, as against the other partners or thelimited partnership, entitle the transferee to participate in the management orconduct of the limited partnership's activities, to require access toinformation concerning the limited partnership's transactions except asotherwise provided in subsection (c), or to inspect or copy the requiredinformation or the limited partnership's other records.

(b)  A transferee has a right to receive, inaccordance with the transfer:

(1)  Distributions to which the transferor wouldotherwise be entitled; and

(2)  Upon the dissolution and winding up of thelimited partnership's activities the net amount otherwise distributable to thetransferor.

(c)  In a dissolution and winding up, atransferee shall be entitled to an account of the limited partnership'stransactions only from the date of dissolution.

(d)  Upon transfer, the transferor retains therights of a partner other than the interest in distributions transferred andretains all duties and obligations of a partner.

(e)  A limited partnership need not give effectto a transferee's rights under this section until the limited partnership hasnotice of the transfer.

(f)  A transfer of a partner's transferableinterest in the limited partnership in violation of a restriction on transfercontained in the partnership agreement shall be ineffective as to a personhaving notice of the restriction at the time of transfer.

(g)  A transferee that becomes a partner withrespect to a transferable interest shall be liable for the transferor'sobligations under sections 425E-502 and 425E-509.  However, the transfereeshall not be liable for obligations unknown to the transferee at the time thetransferee became a partner. [L 2003, c 210, pt of §1]