Home > For Small Business > Business Structures > Limited Partnerships > Hawaii Revised Statutes 425E-702 - Transfer of partner's transferable interest

Limited Partnerships

For this topic:

Go back to the topic homeTopic Home
Join the forum for this topicForum
Sign up for Email related to this topicEmail
RSS feed for this topicRSS
FeedbackFeedback

Search the Hawaii Revised Statutes

Hawaii Revised Statutes 425E-702 - Transfer of partner's transferable interest

Hawaii Revised Statutes > Division 2 > Title 23 > Chapter 425E > § 425E-702. Transfer of partner's transferable interest

^{Current as of: 2010}

^{Check for updates}

(b) A transferee has a right to receive, in accordance with the transfer:

(1) Distributions to which the transferor would otherwise be entitled; and

(2) Upon the dissolution and winding up of the limited partnership's activities the net amount otherwise distributable to the transferor.

(c) In a dissolution and winding up, a transferee shall be entitled to an account of the limited partnership's transactions only from the date of dissolution.

(d) Upon transfer, the transferor retains the rights of a partner other than the interest in distributions transferred and retains all duties and obligations of a partner.

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

(f) A transfer of a partner's transferable interest in the limited partnership in violation of a restriction on transfer contained in the partnership agreement shall be ineffective as to a person having notice of the restriction at the time of transfer.

(g) A transferee that becomes a partner with respect to a transferable interest shall be liable for the transferor's obligations under sections 425E-502 and 425E-509. However, the transferee shall not be liable for obligations unknown to the transferee at the time the transferee became a partner.