- Alaska Statutes.
- Title 32. Partnership
- Chapter 6. Uniform Partnership Act
- Section 503. Transfer of Partner's Transferable Interest.
previous: Section 502
. Partner's Transferable Interest in Partnership.
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. Partner's Transferable Interest Subject to Charging Order.
AS 32.06.503. Transfer of Partner's Transferable Interest.
- (a) A transfer, in whole or in part, of a partner's transferable interest in the partnership
- (1) is permissible;
- (2) does not by itself cause the partner's dissociation or a dissolution and winding up of the partnership business; and
- (3) does not, as against the other partners or the partnership, entitle the transferee during the continuance of the
partnership to participate in the management or conduct of the partnership business, to require access to information
concerning partnership transactions, or to inspect or copy the partnership records.
- (b) A transferee of a partner's transferable interest in the partnership has a right to
- (1) receive, in accordance with the transfer, distributions to which the transferor would otherwise be entitled;
- (2) receive upon the dissolution and winding up of the partnership business, in accordance with the transfer, the net
amount otherwise distributable to the transferor; and
- (3) seek under AS 32.06.801
(6) a judicial determination that it is equitable to wind up the partnership business.
- (c) In a dissolution and winding up, a transferee is entitled to an account of partnership transactions only from the date
of the latest account agreed to by all of the partners.
- (d) Upon transfer, the transferor retains the rights and duties of a partner other than the interest in distributions
- (e) A partnership is not required to give effect to a transferee's rights under this section until it has notice of the
- (f) A transfer of a partner's transferable interest in the partnership in violation of a restriction on transfer contained
in the partnership agreement is ineffective as to a person having notice of the restriction at the time of transfer.
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