Minnesota Session Laws - 1998, Regular Session

                            CHAPTER 320-S.F.No. 3036 
                  An act relating to limited partnerships; regulating 
                  withdrawals by limited partners; changing state law to 
                  provide favorable federal estate tax valuation 
                  treatment in certain circumstances; amending Minnesota 
                  Statutes 1996, section 322A.47. 
        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
           Section 1.  Minnesota Statutes 1996, section 322A.47, is 
        amended to read: 
           322A.47 [WITHDRAWAL OF LIMITED PARTNER.] 
           Subdivision 1.  [WHEN AGREEMENT DOES NOT SPECIFY.] A 
        limited partner may withdraw from a limited partnership at the 
        time or upon the happening of events specified in writing in the 
        partnership agreement.  If the partnership agreement does not 
        specify in writing the time or the events upon the happening of 
        which a limited partner may withdraw or a definite time for the 
        dissolution and winding up of the limited partnership, a limited 
        partner may withdraw upon not less than six months' prior 
        written notice to each general partner at each's address on the 
        books of the limited partnership at its office in this state.  
           This subdivision applies to limited partnerships formed 
        before August 1, 1998. 
           Subd. 2.  [WHEN AGREEMENT SPECIFIES.] A limited partner may 
        not withdraw from a limited partnership except at the time or 
        upon the happening of events specified in writing in the 
        partnership agreement.  
           This subdivision applies to all limited partnerships formed 
        on or after August 1, 1998, and to all limited partnerships 
        formed before August 1, 1998, in which the partnership agreement 
        specified in writing a time or events upon the happening of 
        which a limited partner could withdraw. 
           Presented to the governor March 19, 1998 
           Signed by the governor March 23, 1998, 10:55 a.m.