Idaho § 30-23-503 TRANSFER OF TRANSFERABLE INTEREST

Idaho Statutes

§ 30-23-503 — TRANSFER OF TRANSFERABLE INTEREST

Idaho § 30-23-503

Title 30CORPORATIONS

Part 5TRANSFERABLE INTERESTS AND RIGHTS OF TRANSFEREES AND CREDITORS

Ch. 23GENERAL PARTNERSHIPS

This text of Idaho § 30-23-503 (TRANSFER OF TRANSFERABLE INTEREST) is published on Counsel Stack Legal Research, covering Idaho primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Idaho Code § 30-23-503 (2026).

Text

(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

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(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.