{"data":{"id":"us-ky/krs-362.2-702","jurisdiction":"us-ky","citation":"KRS 362.2-702","heading":"Transfer of partner's transferable interest.","body":"(1) A transfer, in whole or in part, of a partner's transferable interest in the limited\npartnership:\n(a) Is permissible;\n(b) Does not by itself cause the partner's dissociation or a dissolution and winding\nup of the limited partnership's activities; and\n(c) Does not, as against the other partners or the limited partnership, entitle the\ntransferee to participate in the management or conduct of the limited\npartnership's activities, to require access to information concerning the limited\npartnership's transactions except as provided in subsection (3) of this section,\nor to inspect or copy the required information or the limited partnership's other\nrecords.\n(2) A transferee has a right to receive, in accordance with the transfer:\n(a) Distributions to which the transferor would otherwise be entitled; and\n(b) Upon the dissolution and winding up of the limited partnership's activities the\nnet amount otherwise distributable to the transferor.\n(3) In a dissolution and winding up, a transferee is entitled to an account of  the limited\npartnership's transactions only from the date of dissolution.\n(4) Upon transfer, the transferor retains the rights of a partner other than the interest in\ndistributions transferred and retains all duties and obligations of a partner.\n(5) A limited partnership need not give effect to a transferee's rights under this section\nuntil the limited partnership has notice of the transfer.\n(6) A transfer of a partner's transferable interest in the limited partnership in violation\nof a restriction on transfer contained in the partnership agreement is ineffective as to\na person having notice of the restriction at the time of transfer.\n(7) A transferee that becomes a partner with respect to a transferable interest is liable\nfor the transferor's obligations u nder KRS 362.2 -502 and 362.2 -509. However, the\ntransferee is not obligated for liabilities unknown to the transferee at the time the\ntransferee became a partner.\n(8) Limitations upon transfer set forth in KRS 362.2 -701 to 362.2 -704 or adopted by\nthe partne rs 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=34608","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:58Z","sha256":"ea9e5a5213912bef681c97a41f7faece668b4c18654f66b09955d9850589fca9","source_id":"us-ky","stale":false,"prev":"us-ky/krs-362.2-701","next":"us-ky/krs-362.2-703"},"notice":"GroundRules: Original legal text. Not legal advice."}