Answer First
Primary Text
A limited partner's interest is assignable.
A substituted limited partner is a person admitted to all
the rights of a limited partner who has died or has
assigned his interest in a partnership.
An assignee, who does not become a substituted limited
partner, has no right to require any information or
account of the partnership transactions or to inspect the
partnership books; he is only entitled to receive the share
of the profits or other compensation by way of income, or
the return of his contribution, to which his assignor would
otherwise be entitled.
An assignee shall have the right to become a substituted
limited partner if all the members consent thereto or if
the assignor, being thereunto empowered by the
certificate, gives the assignee that right.
An assignee becomes a substituted limited partner when
the certificate is appropriately amended in accordance
with article 1865.
The substituted limited partner has all the rights and
powers, and is subject to all the restrictions and liabilities
of his assignor, except those liabilities of which he was
ignorant at the time he became a limited partner and
which could not be ascertained from the certificate.
The substitution of the assignee as a limited partner does
not release the assignor from liability to the partnership
under articles 1847 and 1858.
Use With Care
Definitions and exceptions often appear before or after this text.
Court decisions may interpret, limit, or apply this provision.
Confirm amendment, repeal, effectivity, and official publication.
Plain Language