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Statutes » New York » PTR Law » Article 8-A

N.Y. PTR Law § 121-603

This is the official text of N.Y. PTR Law § 121-603, part of New York’s PTR Law — part of the compiled statutory law of New York, published by the state as "PTR Law." Browse the sections below, each linked to its official government source.

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Withdrawal of a limited partner

Official statutory text

§ 121-603. Withdrawal of a limited partner. (a) A limited partner may\nwithdraw from a limited partnership at the time or upon the happening of\nevents specified in the partnership agreement and in accordance with the\npartnership agreement. Notwithstanding anything to the contrary under\napplicable law, unless a partnership agreement provides otherwise, a\nlimited partner may not withdraw from a limited partnership prior to the\ndissolution and winding up of the limited partnership. Notwithstanding\nanything to the contrary under applicable law, a partnership agreement\nmay provide that a partnership interest may not be assigned prior to the\ndissolution and winding up of the limited partnership.\n (b) A limited partnership whose original certificate of limited\npartnership was filed with the secretary of state and effective prior to\nthe effective date of this subdivision shall continue to be governed by\nthis section as in effect on such date and shall not be governed by this\nsection, unless otherwise provided in the partnership agreement.\n

Status: in_force · Read it on the official government site

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About this page: Statute text is reproduced from official government publishers via the Open US Law dataset (Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine (Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.