New York § 108 Assignment of interest

New York Statutes

§ 108 — Assignment of interest

New York § 108

Law PTRPartnership

Art. 8Limited Partnerships

This text of New York § 108 (Assignment of interest) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Partnership § 108 (2026).

Text

§ 108. Assignment of interest.

(1)A limited partner's interest is\nassignable.\n (2) A substituted limited partner is a person admitted to all the\nrights of a limited partner who has died or has assigned his interest in\na partnership.\n (3) An assignee, who does not become a substituted limited partner,\nhas no right to require any information or account of the partnership\ntransactions or to inspect the partnership books; he is only entitled to\nreceive the share of the profits or other compensation by way of income,\nor the return of his contribution, to which his assignor would otherwise\nbe entitled.\n (4) An assignee shall have the right to become a substituted limited\npartner if all the members, except the assignor, consent thereto or if\nthe assignor, being thereunto empow

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§ 108. Assignment of interest. (1) A limited partner's interest is\nassignable.\n (2) A substituted limited partner is a person admitted to all the\nrights of a limited partner who has died or has assigned his interest in\na partnership.\n (3) An assignee, who does not become a substituted limited partner,\nhas no right to require any information or account of the partnership\ntransactions or to inspect the partnership books; he is only entitled to\nreceive the share of the profits or other compensation by way of income,\nor the return of his contribution, to which his assignor would otherwise\nbe entitled.\n (4) An assignee shall have the right to become a substituted limited\npartner if all the members, except the assignor, consent thereto or if\nthe assignor, being thereunto empowered by the certificate, gives the\nassignee that right.\n (5) An assignee becomes a substituted limited partner when the\ncertificate is appropriately amended in accordance with section one\nhundred and fourteen of this article.\n (6) The substituted limited partner has all the rights and powers, and\nis subject to all the restrictions and liabilities of his assignor,\nexcept those liabilities of which he was ignorant at the time he became\na limited partner and which could not be ascertained from the\ncertificate.\n (7) The substitution of the assignee as a limited partner does not\nrelease the assignor from liability to the partnership under sections\nninety-five and one hundred and six.\n