MARVIN MANDEL, Governor

1953

Art, 73, §18.
No changes are made.
10-118. ASSIGNMENT OF LIMITED PARTNER'S INTEREST.

(A)   A LIMITED PARTNER'S INTEREST IS ASSIGNABLE.

(B)    A SUBSTITUTED LIMITED PARTNER IS A PERSON
ADMITTED TO ALL THE RIGHTS OF A LIMITED PARTNER WHO HAS
DIED OR HAS ASSIGNED HIS INTEREST IN A PARTNERSHIP,

(C)    AN ASSIGNEE WHO DOES NOT BECOME A SUBSTITUTED
LIMITED PARTNER HAS NO RIGHT TO REQUIRE ANY INFORMATION
OR ACCOUNT OF THE PARTNERSHIP TRANSACTIONS OR TO INSPECT
THE PARTNERSHIP BOOKS; HE IS ONLY ENTITLED TO RECEIVE THE
SHARE OF THE PROFITS OR OTHER COMPENSATION BY WAY OF
INCOME OR THE RETURN OF HIS CONTRIBUTION, TO WHICH HIS
ASSIGNOR WOULD OTHERWISE BE ENTITLED.

(D)   AN ASSIGNEE SHALL HAVE    THE RIGHT TO BECOME A
SUBSTITUTED LIMITED PARTNER, IF   ALL THE MEMBERS, EXCEPT
THE ASSIGNOR, CONSENT THERETO OR   IF THE ASSIGNOR, BEING
THEREUNTO EMPOWERED BY THE     CERTIFICATE, GIVES THE
ASSIGNEE THAT RIGHT.

(E)    AN ASSIGNEE BECOMES A SUBSTITUTED LIMITED
PARTNER WHEN THE CERTIFICATE IS APPROPRIATELY AMENDED IN
ACCORDANCE WITH §10-124 OF THIS TITLE.

(F)   THE SUBSTITUTED LIMITED PARTNER HAS ALL THE
RIGHTS AND POWERS, AND IS SUBJECT TO ALL THE RESTRICTIONS
AND LIABILITIES OF HIS ASSIGNOR, EXCEPT THOSE LIABILITIES
OF WHICH HE WAS IGNORANT AT THE TIME HE BECAME A LIMITED
PARTNER AND WHICH COULD NOT BE ASCERTAINED FROM THE
CERTIFICATE.

(G)    THE SUBSTITUTION OF THE ASSIGNEE AS A LIMITED
PARTNER DOES NOT RELEASE THE ASSIGNOR FROM LIABILITY TO
THE PARTNERSHIP UNDER §§10-106(A) AND 10-116 OF THIS
TITLE.

REVISOR'S NOTE: This section presently appears as
Art. 73,§19. Cross—references are conformed.

The only other changes are technical changes
in punctuation.

10-119. EFFECT OF RETIREMENT, DEATH, OR INSANITY OF A
GENERAL PARTNER.

THE RETIREMENT, DEATH, OR INSANITY OF A GENERAL
PARTNER DISSOLVES THE PARTNERSHIP, UNLESS THE BUSINESS IS
CONTINUED BY THE REMAINING GENERAL PARTNERS: