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.
Va. Code Ann. § 50-73.45
Assignment of partnership interest
Known as the Virginia Revised Uniform Limited Partnership Act
The act spans §§ 50–50 (105 sections).
Applied in 1 court decision — leading case Smith v. Smith (2010)
Most recently applied in Smith v. Smith (August 2010)
1985, c. 607.
Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.