(This is Section 503 of the Uniform Partnership Act (1997).)

1. Section 503 is derived from UPA Section 27. Subsection (a)(1) states explicitly that a partner has the right to transfer his transferable interest in the partnership. The term "transfer" is used throughout RUPA in lieu of the term "assignment." See Section 101(10).

Subsection (a)(2) continues the UPA Section 27(1) rule that an assignment of a partner's interest in the partnership does not of itself cause a winding up of the partnership business. Under Section 601(4)(ii), however, a partner who has transferred substantially all of his partnership interest may be expelled by the other partners.

Subsection (a)(3), which is also derived from UPA Section 27(l), provides that a transferee is not, as against the other partners, entitled (i) to participate in the management or conduct of the partnership business; (ii) to inspect the partnership books or records; or (iii) to require any information concerning or an account of partnership transactions.

2. The rights of a transferee are set forth in subsection (b). Under subsection (b)(1), which is derived from UPA Section 27(l), a transferee is entitled to receive, in accordance with the terms of the assignment, any distributions to which the transferor would otherwise have been entitled under the partnership agreement before dissolution. After dissolution, the transferee is also entitled to receive, under subsection (b)(2), the net amount that would otherwise have been distributed to the transferor upon the winding up of the business.

Subsection (b)(3) confers standing on a transferee to seek a judicial dissolution and winding up of the partnership business as provided in Section 801(6), thus continuing the rule of UPA Section 32(2).

Section 504(b) accords the rights of a transferee to the purchaser at a sale foreclosing a charging order. The same rule should apply to creditors or other purchasers who acquire partnership interests by pursuing UCC remedies or statutory liens under federal or state law.

3. Subsection (c) is based on UPA Section 27(2). It grants to transferees the right to an account of partnership transactions, limited to the period since the date of the last account agreed to by all of the partners.