Okla. Stat. tit. 54, § 54-1-503

This is the official text of Okla. Stat. tit. 54, § 54-1-503, part of Oklahoma’s Stat. tit. 54, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 54,." Browse the sections below, each linked to its official government source.

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Transfer of Partner's Transferable Interest

Official statutory text

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;

(2) to receive upon the dissolution and winding up of the

partnership business, in accordance with the transfer, the net

amount otherwise distributable to the transferor; and

(3) to seek under paragraph (6) of Section 40 of this act a

judicial determination that it is equitable to wind up the

partnership business.

(c) In a dissolution and winding up, a transferee is entitled

to an account of partnership transactions only from the date of the

latest account agreed to by all of the partners.

(d) Upon transfer, the transferor retains the rights and duties

of a partner other than the interest in distributions transferred.

(e) A partnership need not give effect to a transferee's rights

under this section until it has notice of the transfer.

(f) A transfer of a partner's transferable interest in the

partnership in violation of a restriction on transfer contained in

Oklahoma Statutes - Title 54. Partnership Page 30

the partnership agreement is ineffective as to a person having

notice of the restriction at the time of transfer.

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.