(a) Unless otherwise provided in the partnership agreement:
(1) If a general partner who is an individual dies or a court of competent jurisdiction adjudges the individual to be incompetent to manage his person or his property, the partner’s executor, personal representative, administrator, guardian, conservator, or other legal representative shall automatically become a limited partner;
(2) If a general partner is a corporation, estate, trust, partnership, or other entity and is dissolved or terminated, its legal representative or successor shall automatically become a limited partner;
(3) If a general partner withdraws under § 10–402(3) of this title or permits an act specified in § 10–402(4) of this title, that partner shall automatically become a limited partner.
(b) The allocable share of the profits, losses, and distributions of a general partner who becomes a limited partner under this section is the same as it was prior to the event specified in subsection (a) of this section.
Structure Maryland Statutes
Title 10 - Limited Partnership Act
Subtitle 7 - Assignment of Partnership Interests
Section 10-701 - Nature of Partnership Interest
Section 10-702 - Assignment of Partnership Interest
Section 10-703 - Right of Assignee to Become Limited Partner
Section 10-704 - Death, Incompetency, Insolvency, or Termination of a General Partner