Utah § 48-1d-603 Transfer of transferable interest.

Utah Statutes

§ 48-1d-603 — Transfer of transferable interest.

Utah·Title 48 Unincorporated Business Entity Act·Ch. 48-1d Utah Uniform Partnership Act·Part 48-1d-6 Transferable Interests and Rights of Transferees and Creditors

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

(1)(a) is permissible;

(1)(b) does not by itself cause a person's dissociation or a dissolution and winding up of the partnership's activities and affairs; and

(1)(c) subject to Section 48-1d-605, does not entitle the transferee to:

(1)(c)(i) participate in the management or conduct of the partnership's activities and affairs; or

(1)(c)(ii) except as otherwise provided in Subsection (3), have access to records or other information concerning the partnership's activities and affairs.

(2)A transferee has the right to:

(2)(a) receive, in accordance with the transfer, distributions to which the transferor would otherwise be entitled; and

(2)(b) seek under Subsection 48-1d-901(5) a judicial determination that it is equitable to

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

(1)(a) is permissible;
(1)(b) does not by itself cause a person's dissociation or a dissolution and winding up of the partnership's activities and affairs; and
(1)(c) subject to Section 48-1d-605, does not entitle the transferee to:
(1)(c)(i) participate in the management or conduct of the partnership's activities and affairs; or
(1)(c)(ii) except as otherwise provided in Subsection (3), have access to records or other information concerning the partnership's activities and affairs.
(2) A transferee has the right to:

(2)(a) receive, in accordance with the transfer, distributions to which the transferor would otherwise be entitled; and
(2)(b) seek under Subsection 48-1d-901(5) a judicial determination that it is equitable to wind up the partnership's activities and affairs.
(3) 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 the last account agreed to by the partners.
(4) A partnership need not give effect to a transferee's rights under this section until the partnership knows or has notice of the transfer.
(5) 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.
(6) Except as otherwise provided in Subsection 48-1d-701(4)(b), if a partner transfers a transferable interest, the transferor retains the rights of a partner other than the transferable interest transferred and retains all duties and obligations of a partner.
(7) 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 transferor's obligations under Sections 48-1d-502 and 48-1d-505 known to the transferee when the transferee becomes a partner.

Utah § 48-1d-603 (Transfer of transferable interest.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.