Colorado § 7-62-704 Right of assignee to become limited partner

Colorado Statutes

§ 7-62-704 — Right of assignee to become limited partner

Colorado·Title 07 Corporations·Art. Colorado Uniform Limited

(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 the assignor gives the assignee that right in accordance with authority described in writing in the partnership agreement or all other partners consent.

(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 article. An assignee who becomes a limited partner also is liable for the obligations of the assignee's assignor to make and return contributions as provided in parts 5 and 6 of this article. However, the assignee is not obligated for liabilities unknown to the assignee at the tim

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(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 the assignor gives the assignee that right in
accordance with authority described in writing in the partnership agreement or all
other partners consent.

(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 article. An assignee who
becomes a limited partner also is liable for the obligations of the assignee's
assignor to make and return contributions as provided in parts 5 and 6 of this
article. However, the assignee is not obligated for liabilities unknown to the
assignee at the time the assignee became a limited partner.

(3) If an assignee of a partnership interest becomes a limited partner, the
assignor is not released from the assignor's liability to the limited partnership under
sections 7-62-207 and 7-62-502.

Colorado § 7-62-704 (Right of assignee to become limited partner) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 81: Entire article added, p. 446, � 1, effective November 1. L. 86: (1) and (2) amended, p. 457, � 29, effective July 1. L. 2004: (2) and (3) amended, p. 1445, � 143, effective July 1.