§3462. Assignment of partnership interest

Link to law: http://legislature.vermont.gov/statutes/section/11/023/03462
Published: 2015

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The Vermont Statutes Online



Title

11

:
Corporations, Partnerships and Associations






Chapter

023

:
LIMITED PARTNERSHIPS






Subchapter

007
:
ASSIGNMENT OF PARTNERSHIP INTERESTS










 

§

3462. Assignment of partnership interest

Except as

provided in the partnership agreement, a partnership interest is assignable in

whole or in part. An assignment of a partnership interest does not dissolve a

limited partnership or entitle the assignee to become or to exercise any rights

of a partner. An assignment entitles the assignee to receive, to the extent

assigned, only the distribution to which the assignor would be entitled. Except

as provided in the partnership agreement, a partner ceases to be a partner upon

assignment of all his or her partnership interest. (Added 1997, No. 149 (Adj.

Sess.), § 4, eff. Jan. 1, 1999.)
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