Wisconsin Statutes (Last Updated: January 10, 2017) |
Chapter 179. Uniform Limited Partnership Act |
SubChapter VII. ASSIGNMENT OF PARTNERSHIP INTERESTS |
Section 179.64. Right of assignee to become limited partner.
Latest version.
- (1) An assignee of a partnership interest, including an assignee of a general partner, may become a limited partner if and to the extent that:(a) The assignor gives the assignee that right in accordance with authority described in the partnership agreement, except as provided in s. 179.105 (2) ; or(b) All other partners consent.(2) 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 obligations of the assignor to make and return contributions as provided in subchs. V and VI . The assignee is not obligated for liabilities unknown to the assignee at the time he or she became a limited partner.