§1051.__Partner not co-owner of partnership property

A partner is not a co-owner of partnership property and has no interest in partnership property that can be transferred, either voluntarily or involuntarily.

§1052.__Partner's transferable interest in partnership

The only transferable interest of a partner in the partnership is the partner's share of the profits and losses of the partnership, the allocations of income, gain, loss, deduction or credit or similar items related to such profits and losses and the partner's right to receive distributions.__The interest is personal property.

§1053.__Transfer of partner's transferable interest

1.__Transfer of interest.__A transfer, in whole or in part, of a partner's transferable interest in the partnership:

A.__Is permissible;

B.__Does not by itself cause the partner's dissociation or a dissolution and winding up of the partnership business; and

C.__Does not, as against the other partners or the partnership, entitle the transferee, during the continuance of the partnership, to participate in the management or conduct of the partnership business, to require access to information concerning partnership transactions or to inspect or copy the partnership books or records.

2.__Transferee of partner's interest.__A transferee of a partner's transferable interest in the partnership has a right:

A.__To receive, in accordance with the transfer, distributions to which the transferor would otherwise be entitled;

B.__To receive upon the dissolution and winding up of the partnership business, in accordance with the transfer, the net amount otherwise distributable to the transferor; and

C.__To seek under section 1081, subsection 6, a judicial determination that it is equitable to wind up the partnership business.