Section 121-705. Liability upon assignment  


Latest version.
  • (a)  The  assignor  of  a
      partnership interest is not  released  from  any  liability  under  this
      article  or  the  partnership  agreement, except liabilities which arise
      after the effectiveness of the assignment and are  pursuant  to  section
      121-207  of  this  article,  section  121-607 of this article or, in the
      event the assignee becomes a limited partner, unless otherwise  provided
      in the partnership agreement, section 121-502 of this article.
        (b)  An  assignee  who  becomes  a  limited  partner is liable for the
      obligations to make contributions and return distributions  as  provided
      for  in  this  article,  provided,  however,  that  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
      partnership agreement and provided, further, that the  assignee  is  not
      obligated  for  any  accrued  liabilities of the assignor at the time of
      assignment unless the assignee specifically assumes such liabilities.