1.1                          A bill for an act 
  1.2             relating to limited partnerships; regulating 
  1.3             withdrawals by limited partners; changing state law to 
  1.4             provide favorable federal estate tax valuation 
  1.5             treatment in certain circumstances; amending Minnesota 
  1.6             Statutes 1996, section 322A.47. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Minnesota Statutes 1996, section 322A.47, is 
  1.9   amended to read: 
  1.10     322A.47 [WITHDRAWAL OF LIMITED PARTNER.] 
  1.11     Subdivision 1.  [WHEN AGREEMENT DOES NOT SPECIFY.] A 
  1.12  limited partner may withdraw from a limited partnership at the 
  1.13  time or upon the happening of events specified in writing in the 
  1.14  partnership agreement.  If the partnership agreement does not 
  1.15  specify in writing the time or the events upon the happening of 
  1.16  which a limited partner may withdraw or a definite time for the 
  1.17  dissolution and winding up of the limited partnership, a limited 
  1.18  partner may withdraw upon not less than six months' prior 
  1.19  written notice to each general partner at each's address on the 
  1.20  books of the limited partnership at its office in this state.  
  1.21     This subdivision applies to limited partnerships formed 
  1.22  before August 1, 1998. 
  1.23     Subd. 2.  [WHEN AGREEMENT SPECIFIES.] A limited partner may 
  1.24  not withdraw from a limited partnership except at the time or 
  1.25  upon the happening of events specified in writing in the 
  1.26  partnership agreement.  
  2.1      This subdivision applies to all limited partnerships formed 
  2.2   on or after August 1, 1998, and to all limited partnerships 
  2.3   formed before August 1, 1998, in which the partnership agreement 
  2.4   specified in writing a time or events upon the happening of 
  2.5   which a limited partner could withdraw.