42:2A-47 - Assignment of partnership interest; rights of assignee - New Jersey Statutes

42:2A-47.    Assignment of partnership interest; rights of assignee
     Assignment of partnership interest; rights of assignee.  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 partnership interest. Notwithstanding the foregoing, a general partner who assigns all of his general partnership interest shall cease to be a general partner only upon the filing of a certificate reflecting that fact in accordance with this chapter.

    L. 1983, c. 489, s. 46; amended 1988,c.130,s.24.