§ 121-705 — Liability upon assignment

New York § 121-705

• Jurisdiction: New York
• Law PTR: Partnership
• Art. 8-A: Revised Limited Partnership Act

Text

§ 121-705. Liability upon assignment. (a) The assignor of a\npartnership interest is not released from any liability under this\narticle or the partnership agreement, except liabilities which arise\nafter the effectiveness of the assignment and are pursuant to section\n121-207 of this article, section 121-607 of this article or, in the\nevent the assignee becomes a limited partner, unless otherwise provided\nin the partnership agreement, section 121-502 of this article.\n (b) An assignee who becomes a limited partner is liable for the\nobligations to make contributions and return distributions as provided\nfor in this article, provided, however, that the assignee is not\nobligated for liabilities unknown to the assignee at the time he became\na limited partner and which could not be ascertained from the\npartnership agreement and provided, further, that the assignee is not\nobligated for any accrued liabilities of the assignor at the time of\nassignment unless the assignee specifically assumes such liabilities.\n