KANSAS STATUTES AND CODES

56a-503. Transfer of partner's transferable interest.

56a-503

Chapter 56a.--KANSAS UNIFORM PARTNERSHIP ACT Article 5.--TRANSFEREES AND CREDITORS OF PARTNER

56a-503. Transfer of partner's transferableinterest.(a) A transfer, in whole or in part, of apartner's transferable interest in the partnership:

(1) Is permissible;

(2) does not by itself cause the partner'sdissociation or a dissolution and winding up of the partnershipbusiness; and

(3) does not, as against the other partners or thepartnership, entitle the transferee, during the continuance of thepartnership, to participate in the management or conduct of thepartnership business, to require access to information concerningpartnership transactions, or to inspect or copy the partnershipbooks or records.

(b) A transferee of a partner's transferable interest inthe partnership has a right:

(1) To receive, in accordance with the transfer,distributions to which the transferor would otherwise be entitled;

(2) to receive upon the dissolution and winding upof the partnership business, in accordance with the transfer, thenet amount otherwise distributable to the transferor; and

(3) to seek under subsection (f) of K.S.A. 56a-801 a judicialdetermination that it is equitable to wind up the partnershipbusiness.

(c) In a dissolution and winding up, a transferee isentitled to an account of partnership transactions only from thedate of the latest account agreed to by all of the partners.

(d) Upon transfer, the transferor retains the rights andduties of a partner other than the interest in distributionstransferred.

(e) A partnership need not give effect to a transferee'srights under this section until it has notice of the transfer.

(f) A transfer of a partner's transferable interest inthe partnership in violation of a restriction on transfer containedin the partnership agreement is ineffective as to a person havingnotice of the restriction at the time of transfer.

History: L. 1998, ch. 93, § 28; Jan. 1, 1999.