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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>57187</law_id><section_number>50-73.47</section_number><catch_line>Right of assignee to become limited partner</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><referred_to_by><reference>50-73.22:1</reference></referred_to_by><structure><unit label="title" level="1" order_by="1" identifier="50">Partnerships</unit><unit label="chapter" level="2" order_by="1" identifier="2.1">Virginia Revised Uniform Limited Partnership Act</unit><unit label="article" level="3" order_by="1" identifier="7">Assignment of Partnership Interests</unit></structure><text>
						<section id="A"><p><span class="prefix-number">A.</span> An assignee of a <span class="dictionary">partnership interest</span>, including an assignee of a <span class="dictionary">general partner</span>, may become a <span class="dictionary">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 <span class="dictionary">partnership agreement</span>, or (ii) all other <span class="dictionary">partners</span> consent. <a id="paragraph-209480" class="section-permalink" href="https://vacode.org/50-73.47/#A"><i class="fa fa-link"/></a></p></section>
						<section id="B"><p><span class="prefix-number">B.</span> An assignee who has become a <span class="dictionary">limited partner</span> has, to the extent assigned, the rights and powers, and is subject to the restrictions and liabilities, of a <span class="dictionary">limited partner</span> under the <span class="dictionary">partnership agreement</span> and this chapter. An assignee who becomes a <span class="dictionary">limited partner</span> also is liable for the obligation of his assignor to make and return <span class="dictionary">contributions</span> as provided in Articles 5 (&#xA7; <a class="law" title="Form of contribution" href="/50-73.32/">50-73.32</a> et seq.) and 6 (&#xA7; <a class="law" title="Interim distributions" href="/50-73.36/">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 <span class="dictionary">limited partner</span>. <a id="paragraph-209481" class="section-permalink" href="https://vacode.org/50-73.47/#B"><i class="fa fa-link"/></a></p></section>
						<section id="C"><p><span class="prefix-number">C.</span> If an assignee of a <span class="dictionary">partnership interest</span> becomes a <span class="dictionary">limited partner</span>, the assignor is not released from his liability to the <span class="dictionary">limited partnership</span> under &#xA7;&#xA7; <a class="law" title="Liability for false statement in certificate" href="/50-73.18/">50-73.18</a> and <a class="law" title="Liability for contribution" href="/50-73.33/">50-73.33</a>. <a id="paragraph-209482" class="section-permalink" href="https://vacode.org/50-73.47/#C"><i class="fa fa-link"/></a></p></section></text><history>1985, c. 607; 1987, c. 702.</history><metadata></metadata></law>
