South Carolina Statutes
§ 33-42-1240 — Right of assignee to become limited partner.
South Carolina·Title 33 CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS·Ch. 42 UNIFORM LIMITED PARTNERSHIP ACT
(a)An assignee of a partnership interest, including an assignee of a general partner, may become a limited partner if and to the extent that (i) the assignor gives the assignee that right in accordance with authority described in the partnership agreement, or (ii) all other partners consent.
(b)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 chapter. An assignee who becomes a limited partner also is liable for the obligations of his assignor to make and return contributions as provided in Articles 5 and 6. However, the assignee is not obligated for liabilities unknown to the assignee at the time he became a limited partner.
(c)
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Legislative History
HISTORY: 1984 Act No. 491, SECTION 1; 1985 Act No. 11, SECTIONS 3, 4; 1986 Act No. 533, SECTION 1.
Nearby Sections
15
§ 33-42-10
Short title.§ 33-42-1010
Interim distributions.§ 33-42-1020
Withdrawal of general partner.§ 33-42-1030
Withdrawal of limited partner.§ 33-42-1040
Distribution upon withdrawal.§ 33-42-1050
Distribution in kind.§ 33-42-1060
Right to distribution.§ 33-42-1070
Limitations on distribution.§ 33-42-1080
Liability upon return of contribution.§ 33-42-1210
Nature of partnership interest.§ 33-42-1220
Assignment of partnership interest.§ 33-42-1230
Rights of creditor.§ 33-42-1240
Right of assignee to become limited partner.§ 33-42-1410
Nonjudicial dissolution.