{"data":{"id":"us-pa/15-pa.c.s.-8453","jurisdiction":"us-pa","citation":"15 Pa.C.S. § 8453","heading":"Transfer of transferable interest.","body":"(a) General rule.--A transfer, in whole or in part, of a transferable interest:\n(1) is permissible;\n(2) does not by itself cause the dissociation of the transferor as a partner or a dissolution and winding up of the partnership's business; and\n(3) subject to section 8455 (relating to power of personal representative of deceased partner), does not entitle the transferee to:\n(i) participate in the management or conduct of the partnership's business; or\n(ii) except as provided in subsection (c), have access to records or other information concerning the partnership's business.\n(b) Rights of transferee.--A transferee has the right to:\n(1) receive, in accordance with the terms of the transfer:\n(i) distributions to which the transferor would otherwise be entitled; and\n(ii) allocations of income, gain, loss, deduction or credit or similar item which would otherwise be made to the transferor; and\n(2) seek under section 8481(a)(5) (relating to events causing dissolution) a judicial determination that it is equitable to wind up the partnership business.\n(c) Right to account on dissolution.--In a dissolution and winding up of a partnership, a transferee is entitled to an account of the partnership's transactions only from the date of dissolution.\n(d) Recognition of transferee's rights.--A partnership need not give effect to a transferee's rights under this section until the partnership knows or has notice of the transfer.\n(e) Transfer restrictions.--A transfer of a transferable interest in violation of a restriction on transfer contained in the partnership agreement is ineffective if the intended transferee has knowledge or notice of the restriction at the time of transfer.\n(f) Rights retained by transferor.--Except as provided in section 8461(4)(ii) (relating to events causing dissociation), if a partner transfers a transferable interest, the transferor retains the rights of a partner other than the transferable interest transferred and retains all the duties and obligations of a partner.","path":["Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS","PART III PARTNERSHIPS AND LIMITED LIABILITY COMPANIES","CHAPTER 84 GENERAL PARTNERSHIPS","SUBCHAPTER E TRANSFERABLE INTERESTS AND RIGHTS OF TRANSFEREES AND CREDITORS"],"source_url":"https://www.palegis.us/statutes/consolidated/view-statute?txtType=HTM\u0026ttl=15\u0026div=0\u0026chpt=84\u0026sctn=53\u0026subsctn=0","current_through":"2026-07-28 (Statute Update stamp, 15 Pa.C.S.)","vintage":"","retrieved_at":"2026-09-02T16:31:13Z","sha256":"7d93509e82d59db0d50d5b028539bbc5c55423a6b650bf7c112220786599cdc8","source_id":"us-pa","stale":false,"prev":"us-pa/15-pa.c.s.-8452","next":"us-pa/15-pa.c.s.-8454"},"notice":"GroundRules: Original legal text. Not legal advice."}