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

Utah Statutes

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

Utah § 48-1d-603

Title 48Unincorporated Business Entity Act

Ch. 48-1dUtah Uniform Partnership Act

Part 48-1d-6Transferable Interests and Rights of Transferees and Creditors

This text of Utah § 48-1d-603 (Transfer of transferable interest.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 48-1d-603 (2026).

Text

(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.