Alabama Code 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:

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Terms Used In Alabama Code 10A-9A-7.04

LIMITED PARTNER: means :
(A) with respect to a limited partnership, a person that:
(i) is admitted as a limited partner under Section 10A-9A-3. See Alabama Code 10A-9A-1.02
partner: means a limited partner or general partner. See Alabama Code 10A-9A-1.02
person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
TRANSFERABLE INTEREST: means a partner's right to receive distributions from a limited partnership. See Alabama Code 10A-9A-1.02
transferee: means a person to which all or part of a transferable interest has been transferred, whether or not the transferor is a partner. See Alabama Code 10A-9A-1.02

(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.

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