178.0503(5)(5) A transfer of a transferable interest in violation of a valid restriction on transfer contained in the partnership agreement is ineffective if the intended transferee has knowledge or notice of the restriction at the time of transfer.

178.0503(6)(6) Except as otherwise provided in s. 178.0601 (4) (b), if a partner transfers a transferable interest, the transferor retains the rights of a partner other than the transferable interest transferred and retains all the duties and obligations of a partner.

178.0503(7)(7) If a partner transfers a transferable interest to a person that becomes a partner with respect to the transferred interest, the transferee is liable for the partner’s obligations under ss. 178.0404 and 178.0407 known to the transferee when the transferee becomes a partner.

178.0503 AnnotationA partner’s interest in partnership property is assignable by inter vivos gift, provided the elements of such a gift are established. Estate of Schreiber, 68 Wis. 2d 135, 227 N.W.2d 917 (1992).

178.0504(1)(1) On application by a judgment creditor of a partner or transferee, a court may enter a charging order against the transferable interest of the judgment debtor for the unsatisfied amount of the judgment. A charging order constitutes a lien on a judgment debtor’s transferable interest and requires the partnership to pay over to the person to which the charging order was issued any distribution that otherwise would be paid to the judgment debtor.

178.0504(2)(2) To the extent necessary to effectuate the collection of distributions pursuant to a charging order in effect under sub. (1), the court may do any of the following:

178.0504(2)(a)(a) Appoint a receiver of the distributions subject to the charging order, with the power to make all inquiries the judgment debtor might have made.

178.0504(3)(3) Upon a showing that distributions under a charging order will not pay the judgment debt within a reasonable time, the court may foreclose the lien and order the sale of the transferable interest. The purchaser at the foreclosure sale obtains only the transferable interest, does not thereby become a partner, and is subject to s. 178.0503.

178.0504(4)(4) At any time before foreclosure under sub. (3), the partner or transferee whose transferable interest is subject to a charging order under sub. (1) may extinguish the charging order by satisfying the judgment and filing a certified copy of the satisfaction with the court that issued the charging order.

178.0504(5)(5) At any time before foreclosure under sub. (3), a partnership or one or more partners whose transferable interests are not subject to the charging order may pay to the judgment creditor the full amount due under the judgment and thereby succeed to the rights of the judgment creditor, including the charging order.

178.0504(6)(6) This chapter does not deprive any partner or transferee of the benefit of any exemption law applicable to the transferable interest of the partner or transferee.

178.0504(7)(7) This section provides the exclusive remedy by which a person seeking, in the capacity of a judgment creditor, to enforce a judgment against a partner or transferee may satisfy the judgment from the judgment debtor’s transferable interest.

178.0505178.0505 Power of legal representative of deceased partner. If a partner dies, the deceased partner’s legal representative may exercise any of the following:

178.0505(1)(1) The rights of a transferee provided in s. 178.0503 (3).

178.0505(2)(2) For purposes of settling the estate, the rights the deceased partner had under s. 178.0408.

178.0601178.0601 Events causing dissociation. A person is dissociated as a partner when any of the following applies:

178.0601(1)(1) The partnership knows or has notice of the person’s express will to withdraw as a partner, but, if the person has specified a withdrawal date later than the date the partnership knew or had notice, on that later date.

178.0601(2)(2) An event stated in the partnership agreement as causing the person’s dissociation occurs.

178.0601(3)(3) The person is expelled as a partner pursuant to the partnership agreement.

178.0601(4)(4) The person is expelled as a partner by the affirmative vote or consent of all the other partners if any of the following applies:

178.0601(4)(a)(a) It is unlawful to carry on the partnership business with the person as a partner.

178.0601(4)(b)(b) There has been a transfer of all of the person’s transferable interest in the partnership, other than a transfer for security purposes or the entry of a charging order that is in effect under s. 178.0504 and that has not been foreclosed.