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1549
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HARRY HUGHES, Governor
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partnership for a period of 1 year thereafter for the amount of
the returned contribution, but only to the extent necessary to
discharge the limited partnership's liabilities to creditors who
extended credit to the limited partnership during the period the
contribution was held by the partnership.
(2) If a LIMITED partner has received the return of
any part of his contribution in violation of the certificate,
partnership agreement, or this title, he is liable to the limited
partnership for a period of 6 years thereafter for the amount of
the contribution wrongfully returned.
(b) A LIMITED partner receives a return of his contribution
to the extent that, sifter a distribution to him, his share of the
fair value of the net assets of the limited partnership is less
than the value of his total contribution as reflected in the
certificate minus all distributions in return of his contribution
made prior to the distribution.
10-702.
Unless otherwise 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 A PARTNER or,
UNLESS OTHERWISE PROVIDED IN THE PARTNERSHIP AGREEMENT, [to]"
exercise any rights of a partner. [An] UNLESS OTHERWISE PROVIDED
IN THE PARTNERSHIP AGREEMENT, AN assignment entitles the assignee
to receive, to the extent assigned, only the distributions to
which the assignor would be entitled.
10-1104.
Except as provided below, the effective date of this Act is
July 1, 1982, and former Title 10 of the Corporations and
Associations Article of the Annotated Code of Maryland (the
"Maryland Uniform Limited Partnership Act") is repealed:
(1) All limited partnerships formed on or after the
effective date shall be governed by the provisions of the
Maryland Revised Uniform Limited Partnership Act;
(2) All existing limited partnerships which have been
formed under the provisions of the Maryland Uniform Limited
Partnership Act shall continue to be governed by the provisions
of that Act until the extended effective date of July 1,1985, at
which time those limited partnerships shall be governed by the
provisions of the Maryland Revised Uniform Limited Partnership
Act;
(3) Subtitle 9, dealing with registration of foreign
limited partnerships, is not effective until the extended
effective date;
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