Section 10-9B-603

Withdrawal of limited partner.

(a) In the case of limited partnerships formed on or after October 1, 1998, a limited partner may only withdraw from the limited partnership at the time or upon the happening of events specified in the partnership agreement.

(b) In the case of limited partnerships organized prior to October 1, 1998, the certificate of limited partnership of which specifies the time or the happening of events upon which a limited partner may withdraw, a limited partner may only withdraw from the limited partnership at the time or upon the happening of events specified in the partnership certificate; provided, however, if the partnership certificate is amended on or after October 1, 1998, and if the amended certificate of limited partnership does not provide the time or happening of events upon which a limited partner may withdraw from the limited partnership, a limited partner may thereafter only withdraw from the limited partnership at the time or upon the happening of events specified in the partnership agreement.

(c) In the case of limited partnerships organized prior to October 1, 1998, the certificate of limited partnership of which did not specify the time or the events upon the happening of which a limited partner could withdraw, a limited partner may withdraw upon not less than six months' prior written notice to each general partner at his or her address on the books of the limited partnership at its office in this state; provided, however, that in the event the certificate of limited partnership is amended on or after October 1, 1998, to provide the time or happening of events upon which a limited partner may withdraw from a limited partnership, a limited partner shall thereafter be able to withdraw only at such time or upon the happening of events specified in the certificate of limited partnership; provided further, if the partnership certificate is amended on or after October 1, 1998, and if the amended certificate of limited partnership does not provide the time or happening of events upon which a limited partner may withdraw from the limited partnership, a limited partner may thereafter only withdraw from the limited partnership at the time or upon the happening of events specified in the partnership agreement.

(d) The withdrawal of a limited partner from a limited partnership does not release him or her from his or her liability to the partnership under Section 10-9B-502.

(Act 97-921, 1st Ex. Sess., p. 335, § 1.)