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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>60126</law_id><section_number>50-73.107</section_number><catch_line>Transfer of partner&amp;#8217;s transferable interest</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><structure><unit label="title" level="1" order_by="1" identifier="50">Partnerships</unit><unit label="chapter" level="2" order_by="1" identifier="2.2">Virginia Uniform Partnership Act</unit><unit label="article" level="3" order_by="1" identifier="5">Transferees and Creditors of Partner</unit></structure><text>
						<section id="A"><p><span class="prefix-number">A.</span> A <span class="dictionary">transfer</span>, in whole or in part, of a partner&#x2019;s transferable interest in the <span class="dictionary">partnership</span>: <a id="paragraph-219999" class="section-permalink" href="https://vacode.org/50-73.107/#A"><i class="fa fa-link"/></a></p></section>
						<section id="A1" class="indent-1"><p><span class="prefix-number">1.</span> Is permissible; <a id="paragraph-220000" class="section-permalink" href="https://vacode.org/50-73.107/#A1"><i class="fa fa-link"/></a></p></section>
						<section id="A2" class="indent-1"><p><span class="prefix-number">2.</span> Does not by itself cause the partner&#x2019;s dissociation or a dissolution and winding up of the <span class="dictionary">partnership</span> <span class="dictionary">business</span>; and <a id="paragraph-220001" class="section-permalink" href="https://vacode.org/50-73.107/#A2"><i class="fa fa-link"/></a></p></section>
						<section id="A3" class="indent-1"><p><span class="prefix-number">3.</span> Does not, as against the other partners or the <span class="dictionary">partnership</span>, entitle the transferee, during the <span class="dictionary">continuance</span> of the <span class="dictionary">partnership</span>, to participate in the management or conduct of the <span class="dictionary">partnership</span> <span class="dictionary">business</span>, to require access to information concerning <span class="dictionary">partnership</span> transactions, or to inspect or copy the <span class="dictionary">partnership</span> books or records. <a id="paragraph-220002" class="section-permalink" href="https://vacode.org/50-73.107/#A3"><i class="fa fa-link"/></a></p></section>
						<section id="B"><p><span class="prefix-number">B.</span> A transferee of a partner&#x2019;s transferable interest in the <span class="dictionary">partnership</span> has a right: <a id="paragraph-220003" class="section-permalink" href="https://vacode.org/50-73.107/#B"><i class="fa fa-link"/></a></p></section>
						<section id="B1" class="indent-1"><p><span class="prefix-number">1.</span> To receive, in accordance with the <span class="dictionary">transfer</span>, <span class="dictionary">distributions</span> to which the transferor would otherwise be entitled; <a id="paragraph-220004" class="section-permalink" href="https://vacode.org/50-73.107/#B1"><i class="fa fa-link"/></a></p></section>
						<section id="B2" class="indent-1"><p><span class="prefix-number">2.</span> To receive upon the dissolution and winding up of the <span class="dictionary">partnership</span> <span class="dictionary">business</span>, in accordance with the <span class="dictionary">transfer</span>, the net amount otherwise distributable to the transferor; and <a id="paragraph-220005" class="section-permalink" href="https://vacode.org/50-73.107/#B2"><i class="fa fa-link"/></a></p></section>
						<section id="B3" class="indent-1"><p><span class="prefix-number">3.</span> To seek under subdivision 6 of &#xA7; <a class="law" title="Events causing dissolution and winding up of partnership business" href="/50-73.117/">50-73.117</a> a judicial determination that it is <span class="dictionary">equitable</span> to wind up the <span class="dictionary">partnership</span> <span class="dictionary">business</span>. <a id="paragraph-220006" class="section-permalink" href="https://vacode.org/50-73.107/#B3"><i class="fa fa-link"/></a></p></section>
						<section id="C"><p><span class="prefix-number">C.</span> In a dissolution and winding up, a transferee is entitled to an account of <span class="dictionary">partnership</span> transactions only from the date of the latest account agreed to by all of the partners. <a id="paragraph-220007" class="section-permalink" href="https://vacode.org/50-73.107/#C"><i class="fa fa-link"/></a></p></section>
						<section id="D"><p><span class="prefix-number">D.</span> Upon <span class="dictionary">transfer</span>, the transferor retains the rights and duties of a partner other than the interest in <span class="dictionary">distributions</span> transferred. <a id="paragraph-220008" class="section-permalink" href="https://vacode.org/50-73.107/#D"><i class="fa fa-link"/></a></p></section>
						<section id="E"><p><span class="prefix-number">E.</span> A <span class="dictionary">partnership</span> need not give effect to a transferee&#x2019;s rights under this section until it has notice of the <span class="dictionary">transfer</span>. <a id="paragraph-220009" class="section-permalink" href="https://vacode.org/50-73.107/#E"><i class="fa fa-link"/></a></p></section>
						<section id="F"><p><span class="prefix-number">F.</span> A <span class="dictionary">transfer</span> of a partner&#x2019;s transferable interest in the partnership in violation of a restriction or prohibition on <span class="dictionary">transfer</span> contained in the <span class="dictionary">partnership agreement</span> is ineffective as to a <span class="dictionary">person</span> having notice of the restriction at the time of <span class="dictionary">transfer</span>. <a id="paragraph-220010" class="section-permalink" href="https://vacode.org/50-73.107/#F"><i class="fa fa-link"/></a></p></section></text><history>1996, c. 292.</history><metadata></metadata></law>
