{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/50-73.47.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/50-73.47.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/50-73.47.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/50-73.47.html"}],"law_id":57187,"edition_id":1,"section_id":57187,"structure_id":14276,"section_number":"50-73.47","catch_line":"Right of assignee to become limited partner","history":"1985, c. 607; 1987, c. 702.","full_text":"A\n\nAn assignee of a partnership interest, including an assignee of a general partner, may become a limited partner if and to the extent that (i) the assignor gives the assignee that right in accordance with authority described in writing in the partnership agreement, or (ii) all other partners consent.B\n\nAn assignee who has become a limited partner has, to the extent assigned, the rights and powers, and is subject to the restrictions and liabilities, of a limited partner under the partnership agreement and this chapter. An assignee who becomes a limited partner also is liable for the obligation of his assignor to make and return contributions as provided in Articles 5 (§ 50-73.32 et seq.) and 6 (§ 50-73.36 et seq.) of this chapter. However, the assignee is not obligated for liabilities unknown to the assignee at the time he became a limited partner.C\n\nIf an assignee of a partnership interest becomes a limited partner, the assignor is not released from his liability to the limited partnership under §§ 50-73.18 and 50-73.33.","order_by":null,"text":{"0":{"id":209480,"text":"An assignee of a partnership interest, including an assignee of a general partner, may become a limited partner if and to the extent that (i) the assignor gives the assignee that right in accordance with authority described in writing in the partnership agreement, or (ii) all other partners consent.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":209481,"text":"An assignee who has become a limited partner has, to the extent assigned, the rights and powers, and is subject to the restrictions and liabilities, of a limited partner under the partnership agreement and this chapter. An assignee who becomes a limited partner also is liable for the obligation of his assignor to make and return contributions as provided in Articles 5 (§ 50-73.32 et seq.) and 6 (§ 50-73.36 et seq.) of this chapter. However, the assignee is not obligated for liabilities unknown to the assignee at the time he became a limited partner.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":209482,"text":"If an assignee of a partnership interest becomes a limited partner, the assignor is not released from his liability to the limited partnership under §§ 50-73.18 and 50-73.33.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":14276,"edition_id":1,"name":"Assignment of Partnership Interests","identifier":"7","label":"article","depth":3,"order_by":1,"parent_id":13364,"metadata":{},"date_created":"2026-06-26 03:47:34","date_modified":"2026-06-26 03:47:34","permalink":{"id":234535,"object_type":"structure","relational_id":14276,"identifier":"7","token":"50\/2.1\/7","url":"\/50\/2.1\/7\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13364,"edition_id":1,"name":"Virginia Revised Uniform Limited Partnership Act","identifier":"2.1","label":"chapter","depth":2,"order_by":1,"parent_id":12957,"metadata":{},"date_created":"2026-06-26 03:44:43","date_modified":"2026-06-26 03:44:43","permalink":{"id":234243,"object_type":"structure","relational_id":13364,"identifier":"2.1","token":"50\/2.1","url":"\/50\/2.1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12957,"edition_id":1,"name":"Partnerships","identifier":"50","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:04","date_modified":"2026-06-26 03:44:04","permalink":{"id":234229,"object_type":"structure","relational_id":12957,"identifier":"50","token":"50","url":"\/50\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":85665,"structure_id":14276,"section_number":"50-73.44","catch_line":"Nature of partnership interest","url":"\/50-73.44\/","token":"50\/2.1\/7\/50-73.44","metadata":false},{"id":60923,"structure_id":14276,"section_number":"50-73.45","catch_line":"Assignment of partnership interest","url":"\/50-73.45\/","token":"50\/2.1\/7\/50-73.45","metadata":false},{"id":79484,"structure_id":14276,"section_number":"50-73.46","catch_line":"Repealed","url":"\/50-73.46\/","token":"50\/2.1\/7\/50-73.46","metadata":false},{"id":56117,"structure_id":14276,"section_number":"50-73.46:1","catch_line":"Partner's transferable interest subject to charging order","url":"\/50-73.46_1\/","token":"50\/2.1\/7\/50-73.46_1","metadata":false},{"id":57187,"structure_id":14276,"section_number":"50-73.47","catch_line":"Right of assignee to become limited partner","url":"\/50-73.47\/","token":"50\/2.1\/7\/50-73.47","metadata":false},{"id":55540,"structure_id":14276,"section_number":"50-73.48","catch_line":"Power of estate of deceased or incapacitated partner","url":"\/50-73.48\/","token":"50\/2.1\/7\/50-73.48","metadata":false}],"previous_section":{"id":56117,"structure_id":14276,"section_number":"50-73.46:1","catch_line":"Partner's transferable interest subject to charging order","url":"\/50-73.46_1\/","token":"50\/2.1\/7\/50-73.46_1","metadata":false},"next_section":{"id":55540,"structure_id":14276,"section_number":"50-73.48","catch_line":"Power of estate of deceased or incapacitated partner","url":"\/50-73.48\/","token":"50\/2.1\/7\/50-73.48","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/50-73.47\/","history_text":"

This law was first created in 1985. The record of its establishment is cataloged in chapter 607 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1985 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 1987, chapter 702.<\/p>","references":[{"id":65300,"section_number":"50-73.22:1","catch_line":"Admission of limited partners","order_by":null,"url":"\/50-73.22_1\/"}],"refers_to":[{"id":84784,"section_number":"50-73.18","catch_line":"Liability for false statement in certificate","order_by":null,"url":"\/50-73.18\/"},{"id":74625,"section_number":"50-73.32","catch_line":"Form of contribution","order_by":null,"url":"\/50-73.32\/"},{"id":63061,"section_number":"50-73.33","catch_line":"Liability for contribution","order_by":null,"url":"\/50-73.33\/"},{"id":65326,"section_number":"50-73.36","catch_line":"Interim distributions","order_by":null,"url":"\/50-73.36\/"}],"permalink":{"id":234553,"object_type":"law","relational_id":57187,"identifier":"50-73.47","token":"50\/2.1\/7\/50-73.47","url":"\/50-73.47\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/50-73.47\/","token":"50\/2.1\/7\/50-73.47","dublin_core":{"Title":"Right of assignee to become limited partner","Type":"Text","Format":"text\/html","Identifier":"\u00a7 50-73.47","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> An assignee of a partnership interest<\/span>, including an assignee of a general partner<\/span>, may become a limited partner<\/span> if and to the extent that (i) the assignor gives the assignee that right in accordance with authority described in writing in the partnership agreement<\/span>, or (ii) all other partners<\/span> consent. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> An assignee who has become a limited partner<\/span> has, to the extent assigned, the rights and powers, and is subject to the restrictions and liabilities, of a limited partner<\/span> under the partnership agreement<\/span> and this chapter. An assignee who becomes a limited partner<\/span> also is liable for the obligation of his assignor to make and return contributions<\/span> as provided in Articles 5 (§ 50-73.32<\/a> et seq.) and 6 (§ 50-73.36<\/a> et seq.) of this chapter. However, the assignee is not obligated for liabilities unknown to the assignee at the time he became a limited partner<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> If an assignee of a partnership interest<\/span> becomes a limited partner<\/span>, the assignor is not released from his liability to the limited partnership<\/span> under §§ 50-73.18<\/a> and 50-73.33<\/a>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nRIGHT OF ASSIGNEE TO BECOME LIMITED PARTNER (\u00a7 50-73.47)\n\nA. An assignee of a partnership interest, including an assignee of a general\npartner, may become a limited partner if and to the extent that (i) the assignor\ngives the assignee that right in accordance with authority described in writing\nin the partnership agreement, or (ii) all other partners consent.\n\nB. An assignee who has become a limited partner has, to the extent assigned, the\nrights and powers, and is subject to the restrictions and liabilities, of a\nlimited partner under the partnership agreement and this chapter. An assignee\nwho becomes a limited partner also is liable for the obligation of his assignor\nto make and return contributions as provided in Articles 5 (§ 50-73.32 et\nseq.) and 6 (§ 50-73.36 et seq.) of this chapter. However, the assignee is\nnot obligated for liabilities unknown to the assignee at the time he became a\nlimited partner.\n\nC. If an assignee of a partnership interest becomes a limited partner, the\nassignor is not released from his liability to the limited partnership under\n§§ 50-73.18 and 50-73.33.\n\nHISTORY: 1985, c. 607; 1987, c. 702.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}