Ch. 654

1997 LAWS OF MARYLAND

9-406. CONTINUATION OF PARTNERSHIP BEYOND DEFINITE TERM OR PARTICULAR
UNDERTAKING.

(A)    IF A PARTNERSHIP FOR A DEFINITE TERM OR PARTICULAR
UNDERTAKING IS CONTINUED, WITHOUT AN EXPRESS AGREEMENT, AFTER THE
EXPIRATION OF THE TERM OR COMPLETION OF THE UNDERTAKING, THE RIGHTS
AND DUTIES OF THE PARTNERS REMAIN THE SAME AS THEY WERE AT THE
EXPIRATION OR COMPLETION, SO FAR AS IS CONSISTENT WITH A PARTNERSHIP AT
WILL.

(B)     IF THE PARTNERS, OR THOSE OF THEM WHO HABITUALLY ACTED IN THE
BUSINESS DURING THE TERM OR UNDERTAKING, CONTINUE THE BUSINESS
WITHOUT ANY SETTLEMENT OR LIQUIDATION OF THE PARTNERSHIP, THEY ARE
PRESUMED TO HAVE AGREED THAT THE PARTNERSHIP WILL CONTINUE.

SUBTITLE 5. TRANSFEREES AND CREDITORS OF PARTNER.
9-501. PARTNER NOT CO-OWNER OF PARTNERSHIP PROPERTY.

A PARTNER IS NOT A CO-OWNER OF PARTNERSHIP PROPERTY AND HAS NO
INTEREST IN PARTNERSHIP PROPERTY WHICH CAN BE TRANSFERRED, EITHER
VOLUNTARILY OR INVOLUNTARILY.

9-502. PARTNER'S TRANSFERABLE INTEREST IN PARTNERSHIP.

THE ONLY TRANSFERABLE INTEREST OF A PARTNER IN THE PARTNERSHIP IS
THE PARTNER'S SHARE OF THE PROFITS AND LOSSES OF THE PARTNERSHIP AND
THE PARTNER'S RIGHT TO RECEIVE DISTRIBUTIONS. THE TRANSFERABLE INTEREST
IS PERSONAL PROPERTY.

9-503. 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 BOOKS
OR RECORDS.

(B)     A TRANSFEREE OF A PARTNER'S TRANSFERABLE INTEREST IN THE
PARTNERSHIP HAS A RIGHT:

(1) TO RECEIVE, IN ACCORDANCE WITH THE TRANSFER,
DISTRIBUTIONS TO WHICH THE TRANSFEROR WOULD OTHERWISE BE ENTITLED;

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