Tennessee § 61-2-702 - Assignment.

§ 61-2-702. Assignment.

Unless otherwise 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 or powers of a partner; An assignment entitles the assignee to receive, to the extent assigned, only the distribution to which the assignor would be entitled; and A partner ceases to be a partner and to have the power to exercise any rights or powers of a partner upon assignment of all of his partnership interest. The partnership agreement may provide that a partner's interest in a limited partnership may be evidenced by a certificate of partnership interest issued by the limited partnership and may also provide for the assignment or transfer of any partnership interest represented by such a certificate and make other provisions with respect to such certificates. Unless otherwise provided in a partnership agreement and except to the extent assumed by agreement, until an assignee of a partnership interest becomes a partner, the assignee shall have no liability as a partner solely as a result of the assignment. Acts 1988, ch. 922, § 1; 1989, ch. 270, § 60. Law Reviews. The Tennessee Revised Uniform Limited Partnership Act (Glenn Stophel and James C. Heartfield), 26 No. 5 Tenn. B.J. 22 (1990). Attorney General Opinions. Taxation of interest in limited partnership, OAG 89-75, 1989 Tenn. AG LEXIS 57 (5/4/89).