{"data":{"id":"us-ky/krs-362.1-503","jurisdiction":"us-ky","citation":"KRS 362.1-503","heading":"Transfer of partner's transferable interest.","body":"(1) A transfer, in whole or in part, of a partner's transferable interest in the partnership:\n(a) Is permissible;\n(b) Does not by itself cause the partner's dissociation or a dissolution and winding\nup of the partnership business; and\n(c) Does not, as against the other partners or the partnership, entitle the transferee,\nduring the continuance of the partnership, to participate in the management or\nconduct of the partnership business, to require access to information\nconcerning partnership transactions, or to i nspect or copy the partnership\nbooks or records.\n(2) A transferee of a partner's transferable interest in the partnership has a right:\n(a) To receive, in accordance with the transfer, distributions to which the\ntransferor would otherwise be entitled;\n(b) To receive upon the dissolution and winding up of the partnership business, in\naccordance with the transfer, the net amount otherwise distributable to the\ntransferor; and\n(c) To seek under KRS 362.1 -801(6) a judicial determination that it is equitable\nto wind up the partnership business.\n(3) In a dissolution and winding up, a transferee is entitled to an account of partnership\ntransactions only from the date of the latest account agreed to by all of the partners.\n(4) Upon transfer, the transferor retains the  rights and duties of a partner other than the\ntransferable interest so transferred.\n(5) A partnership need not give effect to a transferee's rights under this section until it\nhas notice of the transfer.\n(6) A transfer of a partner's transferable interest  in the partnership in violation of a\nrestriction on transfer contained in the partnership agreement is ineffective as to a\nperson having notice of the restriction at the time of transfer.\n(7) Limitations upon transfer set forth in KRS 362.1 -501 to 362.1 -504 or adopted by\nthe partners in accordance with this subchapter are enforceable notwithstanding\nKRS 355.9-406 and 355.9-408.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=34493","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:57Z","sha256":"f21a12b1d9f86538de5792c52802ad6d796b25d93395947c1984d15229af24ec","source_id":"us-ky","stale":false,"prev":"us-ky/krs-362.1-502","next":"us-ky/krs-362.1-504"},"notice":"GroundRules: Original legal text. Not legal advice."}