N.J. Stat. § 42:2A-47

Current through L. 2024, c. 80.
Section 42:2A-47 - 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.

N.J.S. § 42:2A-47

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