Section 121-603. Withdrawal of a limited partner  


Latest version.
  • (a) A limited partner may
      withdraw from a limited partnership at the time or upon the happening of
      events specified in the partnership agreement and in accordance with the
      partnership  agreement.   Notwithstanding anything to the contrary under
      applicable law, unless a partnership  agreement  provides  otherwise,  a
      limited partner may not withdraw from a limited partnership prior to the
      dissolution  and  winding up of the limited partnership. Notwithstanding
      anything to the contrary under applicable law, a  partnership  agreement
      may provide that a partnership interest may not be assigned prior to the
      dissolution and winding up of the limited partnership.
        (b)  A  limited  partnership  whose  original  certificate  of limited
      partnership was filed with the secretary of state and effective prior to
      the effective date of this subdivision shall continue to be governed  by
      this section as in effect on such date and shall not be governed by this
      section, unless otherwise provided in the partnership agreement.