4.__Release upon agreement with creditor.__By agreement with a creditor of a limited partnership and the limited partnership, a person dissociated as a general partner may be released from liability for an obligation of the limited partnership.

5.__Release upon creditor's agreement to material alteration without consent.__A person dissociated as a general partner is released from liability for an obligation of the limited partnership if the limited partnership's creditor, with notice of the person's dissociation as a general partner but without the person's consent, agrees to a material alteration in the nature or time of payment of the obligation.

SUBCHAPTER 7

TRANSFERABLE INTERESTS AND RIGHTS

OF TRANSFEREES AND CREDITORS

§1381.__Partner's transferable interest

The only interest of a partner that is transferable is the partner's transferable interest. A transferable interest is personal property.

§1382.__Transfer of partner's transferable interest

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

A.__Is permissible;

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

C.__Does not, as against the other partners or the limited partnership, entitle the transferee to participate in the management or conduct of the limited partnership's activities, to require access to information concerning the limited partnership's transactions except as otherwise provided in subsection 3 or to inspect or copy the required information or the limited partnership's other records.

2.__Transferee's right to receive.__A transferee has a right to receive, in accordance with the transfer: