Idaho § 30-23-503 TRANSFER OF TRANSFERABLE INTEREST

Idaho Statutes

§ 30-23-503 — TRANSFER OF TRANSFERABLE INTEREST

Idaho·Title 30 CORPORATIONS·Part 5 TRANSFERABLE INTERESTS AND RIGHTS OF TRANSFEREES AND CREDITORS·Ch. 23 GENERAL PARTNERSHIPS

(a)A transfer, in whole or in part, of a transferable interest:

(1)Is permissible, except the transfer of a transferable interest in a professional entity is not permissible without compliance with section 30-21-901 (i), Idaho Code;

(2)Does not by itself cause a partner’s dissociation or a dissolution and winding up of the partnership business; and

(3)Subject to section 30-23-505, Idaho Code, does not entitle the transferee to:

(A)Participate in the management or conduct of the partnership’s business; or

(B)Except as otherwise provided in subsection (c) of this section, have access to records or other information concerning the partnership’s business.

(b)A transferee has the right to:

(1)Receive, in accordance with the transfer, distributions to which the transferor would otherwise

Free access — add to your briefcase to read the full text and ask questions with AI

(a) A transfer, in whole or in part, of a transferable interest:
(1) Is permissible, except the transfer of a transferable interest in a professional entity is not permissible without compliance with section 30-21-901 (i), Idaho Code;
(2) Does not by itself cause a partner’s dissociation or a dissolution and winding up of the partnership business; and
(3) Subject to section 30-23-505, Idaho Code, does not entitle the transferee to:
(A) Participate in the management or conduct of the partnership’s business; or
(B) Except as otherwise provided in subsection (c) of this section, have access to records or other information concerning the partnership’s business.
(b) A transferee has the right to:
(1) Receive, in accordance with the transfer, distributions to which the transferor would otherwise be entitled; and
(2) Seek under section 30-23-801 (5), Idaho Code, a judicial determination that it is equitable to wind up the partnership business.
(c) In a dissolution and winding up of a partnership, a transferee is entitled to an account of the partnership’s transactions only from the date of dissolution.
(d) A partnership need not give effect to a transferee’s rights under this section until the partnership knows or has notice of the transfer.
(e) A transfer of a transferable interest in violation of a restriction on transfer contained in the partnership agreement is ineffective as to a person having knowledge or notice of the restriction at the time of transfer.
(f) Except as otherwise provided in section 30-23-601 (4)(B), Idaho Code, if a partner transfers a transferable interest, the transferor retains the rights of a partner other than the transferable interest transferred and retains all the duties and obligations of a partner.
(g) If a partner transfers a transferable interest to a person that becomes a partner with respect to the transferred interest, the transferee is liable for the partner’s obligations under sections 30-23-404 and 30-23-407, Idaho Code, known to the transferee when the transferee becomes a partner.

Idaho § 30-23-503 (TRANSFER OF TRANSFERABLE INTEREST) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.