Except as provided in the partnership agreement, a partnership interest is assignable in whole or 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.
S.C. Code Ann. § 33-42-1220
Assignment of partnership interest
Known as the Uniform Limited Partnership Act
The act spans §§ 33-42-10 to 33-42-840 (73 sections).
Applied in 1 court decision — leading case 346 F. App'x 545 - R. W. Kirk v. NASA Corridor Limited Partnership (2009)
Most recently applied in 346 F. App'x 545 - R. W. Kirk v. NASA Corridor Limited Partnership (September 2009)
1984 Act No. 491, SECTION 1; 1985 Act No. 11, SECTIONS 3, 4; 1986 Act No. 533, SECTION 1.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.