Ala. Code § 10A-9A-7.04

Current through the 2024 Regular Session.

Section 10A-9A-7.04 - Power of personal representative of deceased partner

If a partner dies, the deceased partner's personal representative or other legal representative may:

(a) for the period of time that the deceased partner's personal representative or other legal representative holds the deceased partner's transferable interest:

(1) exercise the rights of a holder of transferable interests under this chapter;

(2) exercise the rights of a transferee under Section 10A-9A-7.02; and

(3) for purposes of settling the estate, exercise the rights of a current limited partner under Section 10A-9A-3.04; and

(b) for the period of time that the deceased partner's personal representative or other legal representative does not hold the deceased partner's transferable interest, for purposes of settling the estate, exercise the rights of a person dissociated as a limited partner under Section 10A-9A-3.04.

Ala. Code § 10A-9A-7.04 (1975)

Added by Act 2016-379,§ 1, eff. 1/1/2017.