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Section 701. Partner's Transferable Interest

The only interest of a partner which is transferable is the partner’s transferable interest. A transferable interest is personal property.

Comment

Source – RUPA Section 502.

Like all other partnership statutes, this Act dichotomizes each partner’s rights into economic rights and other rights. The former are freely transferable, as provided in Section 702. The latter are not transferable at all, unless the partnership agreement so provides.

Although a partner or transferee owns a transferable interest as a present right, that right only entitles the owner to distributions if and when made. See Sections 504 (subject to any contrary provision in the partnership agreement, no right to interim distribution unless the limited partnership decides to make an interim distribution) and the Comment to Section 812 (subject to any contrary provision in the partnership agreement, no partner obligated to contribute for the purpose of equalizing or otherwise allocating capital losses).
 
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