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.
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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