Maryland Statutes
Subtitle 7 - Assignment of Partnership Interests
Section 10-703 - Right of Assignee to Become Limited Partner

(a)    An assignee of a partnership interest, including an assignee of a general partner, may become a limited partner if and to the extent that:
        (1)    The assignor gives the assignee that right in accordance with authority described in the partnership agreement; or
        (2)    All other partners consent.
    (b)    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 title. An assignee who becomes a limited partner also is liable for the obligations of his assignor to make and return contributions as provided in Subtitle 5 and Subtitle 6 of this title. However, the assignee is not obligated for liabilities unknown to the assignee at the time he became a limited partner and which could not be ascertained from the certificate or the partnership agreement.
    (c)    If an assignee of a partnership interest becomes a limited partner, the assignor is not released from his liability to the limited partnership under §§ 10–502 and 10–608 of this title.

Structure Maryland Statutes